Question

Consider the demand curve AC of a good in Figure 2. Given distance AB and BC as x and y,
units 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? 5
(ii) Given that price elasticity at point B is 1, how x and y will be related?

Answer 1

Answer:

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Explanation:

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