Price ($) Quantity Demanded Total Revenue Elasticity of Demand 20 0.5 18 1.5 16 2.5 14 4 12 6 10 8 8 11 6 15 4 20 2 26 use the midpoint formula to calculate elasticity coefficients when price falls from $20 to $18, from $18 to $16, from $16 to $14, etc
Price ($) Quantity Demanded Total Revenue Elasticity of Demand 20 0.5 18 1.5 16 2.5 14 4 12 6 10 8 8 11 6 15 4 20 2 26 use the midpoint formula to calculate elasticity coefficients when price falls from $20 to $18, from $18 to $16, from $16 to $14, etc
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Price ($) |
Quantity Demanded |
Total Revenue |
|
20 |
0.5 |
||
18 |
1.5 |
||
16 |
2.5 |
||
14 |
4 |
||
12 |
6 |
||
10 |
8 |
||
8 |
11 |
||
6 |
15 |
||
4 |
20 |
||
2 |
26 |
use the midpoint formula to calculate elasticity coefficients when price falls from $20 to $18, from $18 to $16, from $16 to $14, etc
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