The table below shows the demand schedule for a good. Complete the following table, using the appropriate equation, with the total expenditure and indicate in the elasticity column whether the good is elastic or inelastic over that price range.
The table below shows the demand schedule for a good. Complete the following table, using the appropriate equation, with the total expenditure and indicate in the elasticity column whether the good is elastic or inelastic over that price range.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter7: Demand And Supply
Section7.2: The Demand Curve And Elasticity Of Demand
Problem 6R
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The table below shows the demand schedule for a good. Complete the following table, using the appropriate equation, with the total expenditure and indicate in the elasticity column whether the good is elastic or inelastic over that price range.
Price (£) |
Demand (per week) |
Total expenditure |
Elasticity - elastic / inelastic? |
1 |
50 |
**** |
|
2 |
40 |
||
3 |
30 |
||
4 |
25 |
||
5 |
20 |
||
6 |
16 |
||
7 |
13 |
||
8 |
10 |
||
9 |
8 |
||
10 |
5 |
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