View the step-by-step solution to:

Question

This question was created from WelcometoMiddleEarth FINAL Part 1 Parkin(1).pdf https://www.coursehero.com/file/25426653/WelcometoMiddleEarth-FINAL-Part-1-Parkin1pdf/

I need to know what the graph would look like and everything on it

Graph Gollum's demand curve (precisely). Calculate the elasticity for every price change using
the arc elasticity formula. Indicate on the graph what part of the curve is elastic and what part of
the curve is inelastic and show all Ed between every point. Show the unitary elastic point. Be
precise and use the numbers. Hint: better to use graph paper for this question and next.

a) Price Elasticity from \$425 to \$375 PED = [(1-2) / (425 - 375)] X [(400 / 1.5)] = (-1 / 50) X 266.67 = -0.02 X 266.67 =... View the full answer

### Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

• ### -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents