Consider a Competitive Market for Pork with the Quantity Demanded

question 45

Short Answer

Consider a competitive market for pork with the quantity demanded (per year) at various prices are given as follows:
$\begin{array}{lc} \underline {\text { Price (dollars/kg)} } & \underline {\text { Demand (million kg) }} \\60 & 22 \\80 & 20 \\100 & 18 \\120 & 16\end{array}$ A. Calculate the price elasticity of demand when the price is usd 80/kg. B. Calculate the price elasticity of demand when the price is usd 100/kg.

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