6. The following is part of the demand schedule for commodity X. Price (Ngwee) per Unit Units of X Demanded per Week 8 100 7 150 300 a) Calculate the elasticity of demand for commodity X for: i) a price fall from 8n to 7n ii) a price fall from 7n to 6n iii) a price rise from 6n to 7n iv) a price rise from 7n to 8n b) Explain the differences in answers between (iii) and (ii) and (iv) and (i).

6. The following is part of the demand schedule for commodity X. Price (Ngwee) per Unit Units of X Demanded per Week 8 100 7 150 300 a) Calculate the elasticity of demand for commodity X for: i) a price fall from 8n to 7n ii) a price fall from 7n to 6n iii) a price rise from 6n to 7n iv) a price rise from 7n to 8n b) Explain the differences in answers between (iii) and (ii) and (iv) and (i).

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 13E: Using the following equation for the demand for a good or service, calculate the price elasticity of...

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