question archive The makers of academic books find that when they raise the price of the average book from $60 to $95, quantity demanded among students drops from 100 to 85
The makers of academic books find that when they raise the price of the average book from $60 to $95, quantity demanded among students drops from 100 to 85
Subject:EconomicsPrice: Bought3
The makers of academic books find that when they raise the price of the average book from $60 to $95, quantity demanded among students drops from 100 to 85. Among casual readers, quantity demanded drops from 80 to 35. Calculate the price elasticity of demand for each group. Is the demand price elastic or inelastic for each group?
