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Economics
Former Member
Posts: 1,876,323 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
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
Post edited by JustV on
0
Comments
I don't know the answer. I have forgotten *all* my economics from Uni