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

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

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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.

Top Answer

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

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