The manager of a hyperrmarket accidentally mismarked the price of 10-killo bag of rice at BD4.38 instead of the regular price of BD5.18. At the end of the week, the store's inventory of 200 bags of rice was completely sold out. The store normally sells an average of 150 bags per week. What is the store's arc elasticity of demand for rice? -1.17 -2.16 -1.71 -0.58
The manager of a hyperrmarket accidentally mismarked the price of 10-killo bag of rice at BD4.38 instead of the regular price of BD5.18. At the end of the week, the store's inventory of 200 bags of rice was completely sold out. The store normally sells an average of 150 bags per week. What is the store's arc elasticity of demand for rice? -1.17 -2.16 -1.71 -0.58
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...
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The manager of a hyperrmarket accidentally mismarked the price of 10-killo bag of rice at BD4.38 instead of the regular price of BD5.18. At the end of the week, the store's inventory of 200 bags of rice was completely sold out. The store normally sells an average of 150 bags per week. What is the store's arc elasticity of demand for rice?
-1.17
-2.16
-1.71
-0.58
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