The figure shows the demand for gum. a. Calculate the elasticity of demand when the price of
Question:
The figure shows the demand for gum.
a. Calculate the elasticity of demand when the price of a pack of gum rises from $3 to $5.
b. At what price is the elasticity of demand for gum equal to 1?
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Step by Step Answer:
To calculate the price elasticity of demand we use the following formula Elasticity of Demand Ed Percentage Change in Quantity Demanded Percentage Cha...View the full answer
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