Price elasticity of demand measures the responsiveness of quantity demanded of a product to a change in
Question:
1. State the (midpoint) formula for calculating price elasticity of demand.
2. Describe elastic demand.
3. Describe inelastic demand.
4. Describe unit elastic demand.
5. Explain when demand would be perfectly elastic.
6. Explain when demand would be perfectly inelastic.
7. Explain how price elasticity of demand affects the relationship between price and total revenue.
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Step by Step Answer:
1 The midpoint formula for calculating price elasticity of demand is E d Q d Q dAverage P P ...View the full answer
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