Economics - Old Questions
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6. Given the price demand schedule below:
| Price | 50 | 40 | 30 | 20 | 10 | 0 |
|---|---|---|---|---|---|---|
| Quantity Demand | 5 | 10 | 15 | 20 | 25 | 30 |
Find the price elasticity of demand when the price changes from 40 to 20 and 20 to 40 by the percentage method and also compare the results between them. [5]
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