Business, 28.02.2020 01:51 alanahjones63

Label demand as elastic, unit elastic, or inelastic for each scenario. Use the midpoint method when applicable to calculate the price elasticity of demand. Contain Yourself!, a plastic container company, raises the price of its signature Lunchbox container from $ 3.00 to $ 4.00 . As a result, the quantity sold drops from 20,000 to 15,000. Economists working for the United States have determined that the elasticity of demand for gasoline is 0.5 . Capital Metro decides to increase bus fare rates from $ 2.00 to $ 2.21 . Consequently, the number of passengers who decide to take the bus in Austin drops from an average of 70,000 riders a day to an average of 61,000 riders a day.

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Label demand as elastic, unit elastic, or inelastic for each scenario. Use the midpoint method when...