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Important information about Calculating the own price elasticity of demand
The demand schedule for the product 'xyz' is given below:
Price($) Quantity demanded3 204 155 116 97 7
Task: Based on the above data, solve the questions given below:
Compute the point price elasticity of demand for an increase in the price from $5 to $6.
Compute the point price elasticity of demand for a decrease in the price from $6 to $5.
Why does the magnitude of price elasticity differ in a and b above, although the same set of price-quantity combinations are used to compute the price elasticity of demand? Is their an alternative method that can be used?
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Article may originate from the internet however please provide the link to the particular article you are reviewing.
Graph these data using "dollars" on the vertical axis and "quantity" on the horizontal axis. At what output is revenue maximized?
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