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Emily sold lemonade on tuesday for 50 a cup and she sold

For each of the following scenarios determine if demand if elastic, inelastic, or unit elastic.

a. Joe can sell 100 shovels if he prices his shovels at $12 or he can sell 130 shovels if he prices his shovels at $10. The demand for shovels is _______________.

b. Emily sold lemonade on Tuesday for $.50 a cup and she sold 100 cups. On Thursday she raised the price to $1 a cup and sold 50 cups. The demand for lemonade is _________.

c. Martin can sell 2000 boxes of detergent if the price is $10 and 1800 boxes if the price is $11. Demand for detergent is __________.

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Solution Preview :

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Microeconomics: Emily sold lemonade on tuesday for 50 a cup and she sold

Reference No:- TGS0662598

Have a Question? (oR Write a Review)

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Solution Preview :

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Reference No:- TGS0662598

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