Own price elasticity of demand for vibranium has been estimated at 0.8. As a result a mining accident, quantity decreases 3%. What is the predicted percent change in price? In calculating changes, you may be tempted to use midpoints. Don't. Trust me. Round the percent change to two decimal places and do not enter the % sign. If you predict a 10.125% decrease in price, enter -10.13.) Correct Answer 3.75
Own price elasticity of demand for vibranium has been estimated at 0.8. As a result a mining accident, quantity decreases 3%. What is the predicted percent change in price? In calculating changes, you may be tempted to use midpoints. Don't. Trust me. Round the percent change to two decimal places and do not enter the % sign. If you predict a 10.125% decrease in price, enter -10.13.) Correct Answer 3.75
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 2.5P: (Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more...
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