Solved: Consider the market for widgets and cogs again you study, Microeconomics

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Consider the market for widgets and cogs again you study

Question: Consider the market for widgets and cogs (again). You study survey data and observe that if widgets cost $5, then 100 widgets are demanded and 60 cogs are demanded. You also observe that if widgets cost $3, then 200 widgets are demanded and 100 cogs are demanded. If cogs cost $2, then 125 cogs are demanded. Can the Price Elasticity of Demand be calculated for either good? If so, calculate the PED.

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Microeconomics: Consider the market for widgets and cogs again you study

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