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Answer in Microeconomics for vania kamal #112631

Author:
April 21st, 2023
“p_1=120; p_2=108”

“Q_1=300; Q_2=360”

“E= frac{Q_2-Q_1}{p_2-p_1}times frac{p_1+p_2}{Q_1+Q_2}”

“E=frac {360-300}{108-120}times frac{120+108}{360+300}=-1.72”

“|E|>1”

Based on the results obtained, the demand for this product is elastic, since the absolute value of the coefficient obtained is more than 1.

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