The following is a straight-line demand curve:
Price Quantity Demanded
a) Calculate the elasticity of demand in going from 2 unit to 3 units.
b) Is the demand elastic or inelastic in this range© BrainMass Inc. brainmass.com October 17, 2018, 1:13 am ad1c9bdddf
(a) Change in q = 3 - 2 = 1
Average q = (2 + 3)/2 = 2.5
Change in p ...
The elasticity of demand going from two units to three units is determined. The demand elastic and inelastic in the range is given. A complete, neat and step-by-step solution is provided in the attached file.
Elasticity, Demand, and Total Revenue
If possible try to write down references please.View Full Posting Details