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a Calculate the price elasticity of demand when the price is RM60 and increase to RM 80. b. Calculate the price elasticity of supply when the price is RM80 and increase to RM 100

a Calculate the price elasticity of demand when the price is RM60 and increase to RM 80. b. Calculate the price elasticity of supply when the price is RM80 and increase to RM 100

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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duct B 4. Consider a competitive market for which the quantities demanded and supplied (pe year) at various price are given as follows: Price (RM) Demand 40 60 80 Sepply 12 14 20 18 16 16 100 14 18 a Calculate the price elasticity of demand when the price is RM60 and increase to RM 80. b. Calculate the price elasticity of supply when the price is RM80 and increase to RM 100. 5. Suppose that 100 units of a product are demanded at a price of RM2 per unit. A reduction in price to RMI 50 results in an increase in the quantity demanded to 150 units. Calculate the price elasticity of demand using the midpoint method for calculating elasticity Is the demand for the product elastic or inelastic? What is the РОСО SHOT ON POCO F2 PRO
Transcribed Image Text:duct B 4. Consider a competitive market for which the quantities demanded and supplied (pe year) at various price are given as follows: Price (RM) Demand 40 60 80 Sepply 12 14 20 18 16 16 100 14 18 a Calculate the price elasticity of demand when the price is RM60 and increase to RM 80. b. Calculate the price elasticity of supply when the price is RM80 and increase to RM 100. 5. Suppose that 100 units of a product are demanded at a price of RM2 per unit. A reduction in price to RMI 50 results in an increase in the quantity demanded to 150 units. Calculate the price elasticity of demand using the midpoint method for calculating elasticity Is the demand for the product elastic or inelastic? What is the РОСО SHOT ON POCO F2 PRO
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