Describe and analyze the following data, calculating elasticities. For a product, when price increases from $10 to $12, the demand increases from 200 to 225 [Calculate elasticity]; On the other hand when price increases from $ 16 to $ 18, the demand decreases from 230 to 225 [Calculate elasticity]. Explain what seems to be happening.

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To calculate the price elasticity of demand PED well use the formula PEDchangeinquantitydemandedchan... View the full answer