Use the percentage change formula to complete the following assignment.
Elasticity Exercise
Use the table below to complete the following exercise.
Determine the price elasticity of demand at each quantity
demanded. Go from $5 to $10 then from $10 to $15 to $20
and so on.
Plot the price and quantity data. Indicate the price elasticity value at each point. Illustrate your result on a downward sloping demand curve.
see illustration below:
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