Suppose the following is the demand schedule for hockey pucks. Quantity Demanded 100 80 60 40 20 Price $1…

Suppose the following is the demand schedule for hockey pucks. Quantity Demanded 100 80 60 40 20 Price $1…

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Suppose the following is the demand schedule for hockey pucks. Quantity Demanded 100 80 60 40 20 Price $1…
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Suppose the following is the demand schedule for hockey pucks.
Quantity
Demanded
100
80
60
40
20
Price
$1
$2
$3
$4
$5
a. What is the price elasticity of demand when the price changes from $2 per puck to $1
per puck (using the midpoint formula)?
b. How do we interpret the value you found in part a? Be as specific as possible.
C. Is demand at a price of $2 elastic or inelastic?

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