Essay
Refer to the accompanying table.
a.Calculate the price elasticity of demand when the price rises from $450 to $550 for an individual income of $20,000.
b.Is demand elastic or inelastic? Explain your answer to the elasticity of demand you calculated in part (a)and include the mathematical equation used to find it.
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a.Price elasticity of demand =percentage...View Answer
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Correct Answer:
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