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January 12, 2017 at 7:25 am
Example 3, current selling price is $16 per unit
I tried dropping to $13 instead of 15.5, i notice the elasticity of demand is -20. Is my answer correct?
John Moffat says
January 12, 2017 at 10:07 am
Yes – it is correct.
The elasticity is different at different price levels.
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