ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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This question is based on the following table which shows the demand schedule for ice cream cones. Price Quantity demanded R1 100 R2 80 R3 60 R4 40 R5 20 20 What is the price elasticity of demand when the price changes from R4 per ice cream cone to R5 per ice cream cone? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.) Answer:
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Transcribed Image Text:This question is based on the following table which shows the demand schedule for ice cream cones. Price Quantity demanded R1 100 R2 80 R3 60 R4 40 R5 20 20 What is the price elasticity of demand when the price changes from R4 per ice cream cone to R5 per ice cream cone? Use the formula for arc elasticity. (Ignore the negative sign and round off to 2 decimal places.) Answer:
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