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# Problems and Exercises 1 Calculate the price elasticity for each of the following State whether price elasticity of demand is elastic unit elastic or inelastic Will revenue rise decline or stay

Problems and Exercises 1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price? The price of pens rises 5%; the quantity demanded falls 10%. , a. The price of a Boston Red Sox baseball game rises from S10 to S12 a game. The quantity of tickets sold falls from 160,000 tickets to 144,000 b. The price of an economics textbook declines from \$50 to \$47.50. Quantity demanded rises from 1000 to 1075. c. The price of water beds rises from \$500 to \$600. Quantity demanded falls from 100,000 to 80,000. d.

May 26 2020 View more View Less

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