question archive A business newscast claims that the median home price of existing homes fell from $285,000 to $260,000
A business newscast claims that the median home price of existing homes fell from $285,000 to $260,000
Subject:EconomicsPrice:2.88 Bought3
A business newscast claims that the median home price of existing homes fell from $285,000 to $260,000. Over the same time period, the quantity of these homes sold fell from 3,150,000 to 2,950,000. Using the arc elasticity formula, calculate the arc elasticity implied.
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