Question
From the following data about the demand for dishwashers, calculate the elasticity of demand from point A to B, from point C to D and
From the following data about the demand for dishwashers, calculate the elasticity of demand from point A to B, from point C to D and from point E to point F. Classify the elasticity as elastic, inelastic or unitary elastic. Also calculate the total revenue of each point. What happens to total revenue as you approach unitary elasticity?
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Microeconomics
Authors: Douglas Bernheim, Michael Whinston
2nd edition
73375853, 978-0073375854
