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How do you get the price of elasticity of demand from problem #1 2. The president of a small company that provides vending machines services

How do you get the price of elasticity of demand from problem #1

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2. The president of a small company that provides vending machines services asks you, as the company economist, to forecast changes in consumer snack purchases associated with a proposed price change. You conduct a survey and nd that if the price of a snack increases from $1.00 to $1.75, the quantity demanded will decrease by 10%. 10 points a} Caicuiate the price eiasticity of demand - I calculated price elasticity of demand which resulted in 0.133. Looking at the results which should have negative if the product was elastic but similar to assumption that food items are usually inelastic these vending machine items are inelastic. Analysis theoretically there is 75% change in price which is huge and there is only 10% decrease in quantity demand which proves it inelasticity

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