Question

calculate the price elasticity of demand,if there is a decline in quantity from 55 to 45 a week an increase in price from $12 to $20.
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Answer 1

Answer:

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Explanation:

When price falls to $8, the quantity demanded increases to 130. The price elasticity of demand between the prices of $10 and $8 is approximately: -1.17. The values for quantity demanded along this nonlinear demand curve are given by the formula Q = 24/P.