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QUESTION
a) After doing some calculating, a firm had these data: Absolute change in quantity demanded is 40 units and quantity demanded averages 2,000 units....
1. After doing some calculating, a firm had these data: Absolute change in quantity demanded is 40 units and quantity demanded averages 2,000 units. Absolute price change is $5 and the average price is $100. Using the formula on page 460 in our text, show the calculation for the price elasticity of demand. Is demand elastic or inelastic?
