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Explain the price elasticity of demand of widgets

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Reference no: EM13197475

Suppose the price of widgets falls from $7 to $5 and consumption of widgets rises from 15 widgets a month to 25 widgets. Calculate your price elasticity of demand of widgets.

What can you say about your price elasticity of demand of widgets?

Is it Elastic, Inelastic, or Unitary Elastic? Why?

Reference no: EM13197475

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