Due to tariffs imposed on trade, the price of Chinese textiles have increased from $4 to $5. AS a result of this price increase, Vietnamese textiles, which are exempt from the tariff, have seen their demand go from 600 to 800. Please calculate the elasticity using the midpoint method and explain why demand for Vietnamese good changed the way they did.

Due to tariffs imposed on trade, the price of Chinese textiles have increased from $4 to $5. AS a result of this price increase, Vietnamese textiles, which are exempt from the tariff, have seen their demand go from 600 to 800. Please calculate the elasticity using the midpoint method and explain why demand for Vietnamese good changed the way they did.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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