elastic,inelastic,and unitary price elasticity of demand.NOTE:When using interval notation in WeBWorK,rememberthat:You use 'I' for and '-I' for .And use 'U' for the union symbol.a) The range of prices so that demand is elastic isb) The range of prices so that demand is inelastic ...
Suppose a 5% increase in price leads to a decrease in quantity demanded of 5%. Calculate the price elasticity of demand. Is it elastic, inelastic, or unitary elastic? The demand curve is Qd=200-P. Calculate the (point) pr...