Consider a competitive market for pork with the quantity demanded (per year) at various prices are given as follows:
$\begin{array}{lc}
\underline {\text { Price (dollars/kg)} } & \underline {\text { Demand (million kg) }} \
60 & 22 \
80 & 20 \
100 & 18 \
120 & 16
\end{array}$ A. Calculate the price elasticity of demand when the price is usd 80/kg. B. Calculate the price elasticity of demand when the price is usd 100/kg.

Question

Consider a competitive market for pork with the quantity demanded (per year) at various prices are given as follows: 
 $\begin{array}{lc}
 \underline {\text { Price (dollars/kg)} } &  \underline {\text { Demand (million kg) }} \
60 & 22 \
80 & 20 \
100 & 18 \
120 & 16
\end{array}$ A. Calculate the price elasticity of demand when the price is usd 80/kg. B. Calculate the price elasticity of demand when the price is usd 100/kg.

Quizplus · Accepted Answer

The Answer of Consider a competitive market for pork with the quantity demanded (per year) at various prices are given as follows: 
 $\begin{array}{lc}
 \underline {\text { Price (dollars/kg)} } &  \underline {\text { Demand (million kg) }} \
60 & 22 \
80 & 20 \
100 & 18 \
120 & 16
\end{array}$ A. Calculate the price elasticity of demand when the price is usd 80/kg. B. Calculate the price elasticity of demand when the price is usd 100/kg.

Consider a Competitive Market for Pork with the Quantity Demanded