Solved: Calculate the price elasticity of demand of apples, Microeconomics

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Calculate the price elasticity of demand of apples

Problem:

Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic? Be sure to show the work you used to support your answer.

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Microeconomics: Calculate the price elasticity of demand of apples

Reference No:- TGS02090290

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