Price ($)-: 9,8 Quantity Demanded-: 2,3 Total Revenue(P x Q D ) ($)-: 18,24 Marginal Revenue (change
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Question:
Price ($)-: 9,8
Quantity Demanded-: 2,3
Total Revenue(P x QD) ($)-: 18,24
Marginal Revenue (change in TR) ($):-(24-18)/(3-2)=+6/1=+6
Calculate the absolute value of the elasticity of demand for a rise in price from $8 to $9 (which is associated with a fall in the quantity demanded from 3 to 2):
Absolutevalue of the elasticity of demand =
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