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A product sells 2 A product sells 550 units at a price of $160 each. When price is increased to $180 each, sales decrease to
A product sells 2 A product sells 550 units at a price of $160 each. When price is increased to $180 each, sales decrease to 400. Recalling Price Elasticity of Demand (see formula sheet), hers. PED equals 2.1818 and demand is elastic O) PED equals 2.1818 and demand is inelastic OFED equals 1/00 and demand is unitary ()PED equals 0. 4583 and demand is inelastic (PED equals 0.4583 and demand is elastic
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Economics for Managers
Authors: Paul G. Farnham
3rd edition
132773708, 978-0133561128, 133561127, 978-0132773706
