When the Price of Digital SLR Cameras Was $2000, Consumers

question 105

Essay

When the price of digital SLR cameras was $2000, consumers bought 4000.When the price fell to $1200, consumers bought 5000.What was the price elasticity of demand between these two prices, calculated with the midpoint method? Is demand elastic or inelastic?

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Definitions:

Gap

A discrepancy between the current state and the desired state, often used in the context of business strategies or market research to identify areas needing improvement or opportunities for development.

HR Professionals

Individuals specializing in managing human resources and personnel-related functions within organizations.

Tool

Generally, it refers to an instrument or device designed to perform a specific function or facilitate a task.

Chatter

A term often used to describe frequent, casual, or inconsequential conversations or noise.