Q1. The following table is a demand schedule for a particular commodity, between which price range is demand elastic? Explain your answer. Hint: At least three calculations, a reduction from K10 000.00 to K9 000.00, K7 000.00 to K6 000.00 and from K5 000.00 to K4 000.00. Price (K’000s Quantity Demanded 10 0 9 10 8 20 7 30 6 40 5 50 4 60 3 70 2 80 1 90 0 100 (Detailed Calculations please
Q1. The following table is a
Price (K’000s Quantity Demanded
10 0
9 10
8 20
7 30
6 40
5 50
4 60
3 70
2 80
1 90
0 100
(Detailed Calculations please)
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