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Problems Using Point Elasticity
- We may need to compute price elasticity over portion of demand curve instead of at a single point.
- The price and quantity used as base will alter price elasticity of demand.
Point Elasticity of Demand: An Example
-Assume that
Elasticity equals:
-33.33/.25 = -1.33 or -.50/.20 = -2.54
-Which one is correct out of these?
Which assumption of Classic OLS does this model violate?
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What are the "three basic economic questions" that economists often address when examining how much economic output is formed? The three basic questions are: a) what is prod
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