Consider the figure to the right. Using averages, calculate the value of the price elasticity of demand between the prices of $6 per reservation and $3 per reservation The price elasticity of demand is equal to Enter your response as a positive number rounded to two decimal places)

Consider the figure to the right. Using averages, calculate the value of the price elasticity of demand between the prices of $6 per reservation and $3 per reservation The price elasticity of demand is equal to Enter your response as a positive number rounded to two decimal places)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 5P

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Question

K
Consider the figure to the right. Using averages, calculate
the value of the price elasticity of demand between the
prices of $6 per reservation and $3 per reservation
The price elasticity of demand is equal to Enter
your response as a positive number rounded to two
decimal places)
Price ($ per resenration)
11-
10+
9-
&
7
6
24
1
0 100 200 300 400 500 600 700 800 900 1000
Quantity per Period
(reservations)
ct: 1

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