An experiment is conducted that provides the data in the accompanying table. Toll rate Number of vehicles using the tollway per day $8 10,000 $6 12,000 a. What is the absolute value of price elasticity when the toll rate decreases from $8 to $6? Round to the nearest hundredth.
An experiment is conducted that provides the data in the accompanying table. Toll rate Number of vehicles using the tollway per day $8 10,000 $6 12,000 a. What is the absolute value of price elasticity when the toll rate decreases from $8 to $6? Round to the nearest hundredth.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....
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An experiment is conducted that provides the data in the accompanying table.
| Toll rate | Number of vehicles using the tollway per day |
|---|---|
| $8 | 10,000 |
| $6 | 12,000 |
a. What is the absolute value of price elasticity when the toll rate decreases from $8 to $6?
Round to the nearest hundredth.
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