calculate the elasticity on each of the days considered from the data and draw conclusions regarding each product: type of product and average elasticity PRICE10.940.941.021.021.231.311.311.151.150.920.881.041.041.130.870.871.021.041.041.041.171.171.171.151.11.151.080.980.870.870.871.11.231.151.021.11.10.830.770.770.830.830.77AMOUNTಕಕ – ಆ ಕ ಪ ಟ ಕ ಕ ತ ಕ ತ ಕ ( 3 8 ತ ತ ಪ ಸ 8 8 ಜ ಕ ಸಕ ಕ ಕ ( 28 6 8 8 5 # ೫ ೪ ೪ - ನ4359139108116122132143119187178138181169229252164211160140

Answered: PRICE 1 0.94 0.94 1.02 1.02 1.23 1.31…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

calculate the elasticity on each of the days considered from the data and draw conclusions regarding each product: type of product and average elasticity

PRICE
1
0.94
0.94
1.02
1.02
1.23
1.31
1.31
1.15
1.15
0.92
0.88
1.04
1.04
1.13
0.87
0.87
1.02
1.04
1.04
1.04
1.17
1.17
1.17
1.15
1.1
1.15
1.08
0.98
0.87
0.87
0.87
1.1
1.23
1.15
1.02
1.1
1.1
0.83
0.77
0.77
0.83
0.83
0.77
AMOUNT
ಕಕ – ಆ ಕ ಪ ಟ ಕ ಕ ತ ಕ ತ ಕ ( 3 8 ತ ತ ಪ ಸ 8 8 ಜ ಕ ಸಕ ಕ ಕ ( 28 6 8 8 5 # ೫ ೪ ೪ - ನ
43
59
139
108
116
122
132
143
119
187
178
138
181
169
229
252
164
211
160
140

Expert Solution

Step 1: Define elasticity

Elasticity measures the responsiveness of a product to a change in price. An elastic product will experience higher change with the change in price, while an inelastic product will experience no change. Unit elasticity is the phenomenon where the change in quantity equals the change in price.

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