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Economics

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Can anyone help with the following economics question on arc elasticity:
If you didn't know what QDemand(NEW) was, how would you work it out? Need to use the arc elasticity method and midpoint for change in price. I know what the answer SHOULD be as I was given it, but not how to work it out. Q(Demand(NEW) is supposed to be 150.

Price(OLD)=10
Price(NEW)=9
QDemand(OLD)=110
QDemand(NEW)=x

Comments

  • littlemissylittlemissy knit chick Posts: 9,972
    Hmmmm. Did you sign up so that someone could tell you the answer? If so, no-one will give it to you methinks. And why can you not ask your tutor or use your academic books?

    I don't know the answer. I have forgotten *all* my economics from Uni :(
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    at the end of the day its unfair to come on here and expect someone to do your work for you. if there is a probelms with your work or you just cannot get your head around how to answer the question, then you need to speak to your tutor or read up on the subject matter one more time.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Give him a mini-break guys, he's posted in the right forum, and is really only asking for a check of method. It's the same as someone signing up because they're too daft to know they should have been wearing a condom and need to go get a test now.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    n/m. use google
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