Calculate price elasticity of demand

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Reference no: EM1378005

Assume that the price of apples increases from $3 a pound to $3.45 and your consumption of apples drops from thirty pounds of apples a month to twenty-one pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic? Be sure to show the work you used to support your answer.

Reference no: EM1378005

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