Use the table below to complete the following exercise. Determine the price elasticity of demand at each
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Question:
Use the table below to complete the following exercise.
- Determine the price elasticity of demand at each quantity
demanded. Go from $5 to $10 then from $10 to $15 to $20
and so on.
- Plot the price and quantity data. Indicate the price elasticity
value at each point. Illustrate your result on a downward sloping demand curve.
- What happens to the elasticity value as you move down the
demand curve?
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