The price of a good increases from $8 to $10, and as a result the quantity of the good demanded declines from 120 to 80. Calculate the price elasticity of demand using the arc formula and determine whether demand is elastic, inelastic, or unit elastic.

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The Answer of The price of a good increases from $8 to $10, and as a result the quantity of the good demanded declines from 120 to 80. Calculate the price elasticity of demand using the arc formula and determine whether demand is elastic, inelastic, or unit elastic.

The Price of a Good Increases from $8 to $10