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Elasticity Concepts Using Computation and Graphing

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With respect to the price elasticity of demand, construct a graph using the data in figure 1. Illustrate the ranges on the demand curve that indicate elastic, inelastic, and unitary elasticity. Explain your answers. Enter non-numerical responses in the same worksheet using tax boxes.
Quantity total elasticity elastic
Price demanded revenue coefficient inelastic
$4 100 ------------ xxxx xxxx
6 80 ------------- ---------- -------------
8 60 -------------- ----------- ----------------
10 40 -------------- ------------ -----------------
12 20 ----------- ------------- ---------------
14 1 ----------------- ------------ ---------------

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Solution Summary

This is an illustration of the elasticity concepts using spreadsheet given numerical data.

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