Consider a competitive market for pork with the quantity demanded (per year) at various prices are given
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Question:
Consider a competitive market for pork with the quantity demanded (per year) at various prices are given as follows:
Price (dollars/kg) | Demand (million kg) |
60 | 22 |
80 | 20 |
100 | 18 |
120 | 16 |
Calculate the price elasticity of demand when the price is $80/kg.
Calculate the price elasticity of demand when the price is $00/kg.
Calculate the arc elasticity between price of $80/kg and $100/kg.
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