Answer to Question #70547 in Microeconomics for Ariba

Question #70547

From the date provided, calculate the Price elasticity (Arc) against all price levels.

Hint: You can price as average price (P1+ P2/2) and quantity as average quantity (Q1+Q2/2).

Expert's answer

So, price elasticity (Arc) = ((Q1-Q0)/Q0)/((P1-P0)/P0).

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