Question

consider the demand curve AC of a good in figure 1 .Give distance AB and BC as x and y respectively.
1.what will be the price elasticity of demand for the good at point B? What will be the price elasticity of demand for the good at point A and point C?
2. Given the price elasticity at point B is 1, how x and y will be related​

Answer 1

Answer:

Given distance AB and BC as x and y, respectively, (i) What will be t… ... AB and BC as x and y, respectively, (i) What will be the price elasticity of demand for the good at point B? What will be the price elasticity of demand for the good at point A and at point C?​ ... change in price = P2 - P1 / (P2+P1)/2 × 100.

Explanation: