Suppose the price of apples rises from $3 a pound to $3.50 and your consumption of ap [Archive]

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majd

Jun 21, 2009, 02:08 PM

Suppose the price of apples rises from $3 a pound to $3.50 and your consumption of apples drops from 35 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic?

Curlyben

Jun 21, 2009, 02:22 PM

Thank you for taking the time to copy your homework to AMHD.
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