Question

depending on the amount of unused resources in the industry.
Worked Examples
1. Tthe price of a biro in a certain market rises from N10 to N 12.50,
leading to a decrease in the quantity demanded of the product
per week from 500 to 300. Compute the point elasticity of
demand and arc-price elasticity of demand for the product.
2. Iin a particular market, the price of pencil falls from N 12.5 to N
10 causing quantity demanded to increase from 300 to 500.
Calculate as above.
3. Qd= 12-0.2P
Qs = 2-0.05P
a. Determine the equilibrium price and quantity of the product
b. Calculate the price elasticity of demand for the product.
HOMEWORK​

Answer 1

Answer:

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