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Using the midpoint method, calculate the price, income and cross price elasticity of demand and determine the degree of elasticity



Using the midpoint method, calculate the price, income and cross price elasticity of demand and determine the degree of elasticity.

Requirements:

The assignment carries a maximum mark of 30% towards your final mark.

Question

Quantity Demand:  Q2: 67 Qi: 49

Price:            P2: 29 P1: 35

Income:           I2: 200 I1: 185

Substitute Price: SP2: 34 SP1: 50

Using the midpoint method, calculate the price, income and cross price elasticity of demand and determine the degree of elasticity. (30%)

Explain the concept of elasticity considering which elasticities are most important for businesses to understand and how can business alter elasticities to their own advantage? (70%)


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  • Title: Using the midpoint method, calculate the price, income and cross price elasticity of demand and determine the degree of elasticity.
  • Price: £ 99
  • Post Date: 2018-11-09T12:08:40+00:00
  • Category: Research Paper Queries
  • No Plagiarism Guarantee
  • 100% Custom Written

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