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4. Elastic, inelastic, and unit-elastic demand.

The following graph shows the demand for a good.

Price; Quantity

W: 140 & 6

X: 90 & 21

Y: 70 & 27

Z: 20 & 42

For each of the regions, use the midpoint method to identify whether the demand for this good is elastic, (approximately) unit elastic, or inelastic.

Region

Elastic

Inelastic

Unit Elastic

Between X and Y        
Between Y and Z        
Between W and X        

True or false: The value of the price elasticity of demand is not equal to the slope of the demand curve.

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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