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Maru [420]
3 years ago
14

.

Business
1 answer:
GuDViN [60]3 years ago
4 0

Answer: The answer is elastic demand because elasticity of demand is > than 1

Explanation:Elasticity of demand is the degree of responsiveness of demand to slight change in price of goods. It is calculated as ED=% change in Qd/% change in price

Since Qd is 3 and 5

Qo-Q1/Qo*100%

3 - 5/3*100%

= -2/3*100%

= -200/3

=-66.6%(ignore the minus sign)

Po-P1/Po*100%

8-6/8*100

=2/8*100%

= 25%

ED= 66.6/25

=2.6

6-8/6*100%

=-2/6*100%

=-200/6

=-33.3%

ED= 66.6/33.3

=2

Since the elasticity of demand is greater than 2. Therefore elasticity of demand is elastic

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