Answer the following questions in your own words. Start a new thread while replying. 1. What are the determinants of price elasticity of demand? Explain the determinants. 2. What is the difference...


Answer the following questions in your own words. Start a new thread while replying.<br>1. What are the determinants of price elasticity of demand? Explain the determinants.<br>2. What is the difference between inelastic demand and elastic demand? Provide an example of each<br>from real life.<br>3. Refer to the graph below:<br>Price<br>22<br>20 +<br>18 +-<br>16 +<br>14<br>B<br>12<br>10 +<br>4<br>Demand<br>+++<br>100 200 300 400 500 600 700 800 900 Buaxtity<br>From the graph above calculate:<br>a. Price elasticity of demand from point A to point B (use the mid-point method). Is it an elastic<br>situation or an inelastic situation?<br>b. Price elasticity of demand from point B to point C (use the mid-point method). Is it an elastic<br>situation or an inelastic situation?<br>

Extracted text: Answer the following questions in your own words. Start a new thread while replying. 1. What are the determinants of price elasticity of demand? Explain the determinants. 2. What is the difference between inelastic demand and elastic demand? Provide an example of each from real life. 3. Refer to the graph below: Price 22 20 + 18 +- 16 + 14 B 12 10 + 4 Demand +++ 100 200 300 400 500 600 700 800 900 Buaxtity From the graph above calculate: a. Price elasticity of demand from point A to point B (use the mid-point method). Is it an elastic situation or an inelastic situation? b. Price elasticity of demand from point B to point C (use the mid-point method). Is it an elastic situation or an inelastic situation?

Jun 08, 2022
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