calculate arc elasticity

Project Description:

1. for each of the following cases, calculate the arc
price elasticity of demand, and state whether demand
is elastic, inelastic, or unit elastic.
a. when the price of milk increases from $2.25 to
$2.50 per gallon, the quantity demanded falls
from 100 gallons to 90 gallons.
b. when the price of paperback books falls from
$7.00 to $6.50, the quantity demanded rises
from 100 to 150.
c. when the rent on apartments rises from $500
to $550, the quantity demanded decreases from
1,000 to 950.
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