Problem
Again refer to the table in question 1 and the recession question also in question 1. (Use the mid-point method)
a. Define price elasticity of demand in words and present the formula.
b. Calculate the price elasticity of demand for burgers at all price falls in the table
c. Calculate the elasticity of demand for all price falls after the recession.
d. What happens to elasticity as we move down the demand curve? Explain
e. Is demand most elastic after or before the recession? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.