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Absolute change in quantity demanded

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a) After doing some calculating, a firm had these data: Absolute change in quantity demanded is 40 units and quantity demanded averages 2,000 units. Absolute price change is $5 and the average price is $100. Using the formula on page 460 in our text, show the calculation for the price elasticity of demand. b) Is demand elastic or inelastic?

Reference no: EM132302832

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