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Economics, Cost-Benefit Analysis
Year 3

introduction to econ


Suppose the price of apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 pounds of apples a month to 21 pounds of apples.  Calculate your price elasticity of demand of apples.  What can you say about your price elasticity of demand of apples? Is it elastic, inelastic, or unitary elastic?

By OTA:  Pushkal Kumar Pandey, MBA

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