Having problem understanding the following help please..At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks.  The elasticity of the market deman curve between P=$6 and P=$2 (dropping all minus signs) is a. 0.33b. 1.c  2.d. 4.

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Asked Oct 20, 2019
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Having problem understanding the following help please..

At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks.  The elasticity of the market deman curve between P=$6 and P=$2 (dropping all minus signs) is 

a. 0.33

b. 1.

c  2.

d. 4.

 

 

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Expert Answer

Step 1

At the price of $6 per steak, consumer is willing to buy two steak and at the price of $2 per steak, consumer is willing to buy six steak.

Price (IN $)
Quantity
2
6
2
6
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Price (IN $) Quantity 2 6 2 6

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Step 2

The elasticity of the market demand c...

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