Answer to Question #5229 in Microeconomics for petbcp

Question #5229
(i) Calculate the price elasticity of demand if a 0.2 per cent change in price of a product results in a 0.1 per cent change in quantity demanded. Indicate whether this demand is elastic, inelastic, or unit-elastic. Provide an example of such a product. (ii) Calculate the price elasticity of demand when the price of a good rise from $4.50 to $8.00 and the quantity demanded changes from 150 units to 75 units. Indicate whether demand is elastic, inelastic, or unit-elastic.
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