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Calculate the price elasticity of demand for both 1908-1911 and 1912-1915. Does the product appear to become more elastic over time?

Calculate the price elasticity of demand for both 1908-1911 and 1912-1915. Does the product appear to become more elastic over time?

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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4. Year Retail price Sales volume 1908 850 5,986 1909 950 12,292 1910 780 19,293 1911 690 40,402 1912 600 78,611 1913 550 182,809 1914 490 260,720 1915 440 355,276 1916 360 577,036 Calculate the price elasticity of demand for both 1908-1911 and 1912-1915. Does the product appear to become more elastic over time?
Transcribed Image Text:4. Year Retail price Sales volume 1908 850 5,986 1909 950 12,292 1910 780 19,293 1911 690 40,402 1912 600 78,611 1913 550 182,809 1914 490 260,720 1915 440 355,276 1916 360 577,036 Calculate the price elasticity of demand for both 1908-1911 and 1912-1915. Does the product appear to become more elastic over time?
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