2. The Demand Elasticity at the (11,000, $300) point is equal to Elasticity of Demand formula) and at that point the demand is . (Hint: Use the mid-point Price ($) $600 (5,000, $550) (10,000, $500) $500 $400 (11,000, $300) $300 $200 $100 0 0 5,000 10,000 15,000 20,000 Quantity O a. 7, and elastic. Ob.0.19, and inelastic. OC 0.3, and elastic. d. None of the above.

2. The Demand Elasticity at the (11,000, $300) point is equal to Elasticity of Demand formula) and at that point the demand is . (Hint: Use the mid-point Price ($) $600 (5,000, $550) (10,000, $500) $500 $400 (11,000, $300) $300 $200 $100 0 0 5,000 10,000 15,000 20,000 Quantity O a. 7, and elastic. Ob.0.19, and inelastic. OC 0.3, and elastic. d. None of the above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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