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July 31, 2014

Homework Help: Economics

Posted by Randy on Wednesday, November 19, 2008 at 10:26am.

The question is, what is the for Math formula to show rather the demand of apples is Elastic, Inelastic, or Unitary Elastic

Thank You

Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic? Be sure to show the work.

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