Homework Answers
the elasticity of demand = (change in quantity/change in price)*(initial price/ initial quantity)
= (25-30/35-20)*(20/30)
= (-5/15)*(20/30)
= - 0.22
Since the elasticity is >-1, the demand is inelastic
Thus, the answer is (c)
All other options are incorrect as they show a wrong classification of elasticity.
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