Schofield Rogers
02/05/2023 · Middle School
A. Use the midpoint formula method to calculate your price elasticity of demand as the price of smart phones increases from K8 to K12 if (i) Your income is K10,000 and (ii) Your income is K12,000
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The price elasticity of demand is -1, indicating unit elasticity. This means the percentage change in quantity demanded equals the percentage change in price.
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