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QUESTION
a) You are given market data that says when the price of burger is $5, the quantity demanded of burger is 50 slices and the quantity demanded of...
a) You are given market data that says when the price of burger is $5, the quantity demanded of burger is 50 slices and the quantity demanded of cheese bread is 100 pieces. When the price of burger is $2, the quantity demanded of burger is 80 slices and the quantity demanded of cheese bread is 70 pieces.
a. Can the Price-Elasticity of Demand be calculated for either good?
b. If so, calculate the PED.
