Quantity of T-shirts demanded (Average tourist income = RM7,000/month) 5000 Quantity of T-shirts demanded (Average tourist income = RM14,000/month) Price of T-shirt (RM) 16 3000 20 4200 2400 24 3000 1600 28 1800 800 A. calculate the price elasticity of demand if the price of a T-shirt rises from RM20 to RM24 and the average tourist income is RM7,000 by midpoint method B. Based on Q(A), compute the price elasticity of demand if the average tourist income is RM14.000.

Quantity of T-shirts demanded (Average tourist income = RM7,000/month) 5000 Quantity of T-shirts demanded (Average tourist income = RM14,000/month) Price of T-shirt (RM) 16 3000 20 4200 2400 24 3000 1600 28 1800 800 A. calculate the price elasticity of demand if the price of a T-shirt rises from RM20 to RM24 and the average tourist income is RM7,000 by midpoint method B. Based on Q(A), compute the price elasticity of demand if the average tourist income is RM14.000.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter5: Price Elasticity Of Demand And Supply

Section5.3: Determinants Of Price Elasticity Of Demand

Problem 1YTE: According to the previous discussion, what factors influence the price elasticity of demand for...

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