Name a product you regularly purchase for which you have an inelastic demand and one for which you have an ela?
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When the prices of compact discs (CDs) increased from $10 to $11, the quantity of CDs demanded decreased from 100 to 87. Using the Mid-Point Method, what is the price elasticity of demand for CDs? Explain why the demand is elastic or inelastic? Show your work. Name a product you regularly purchase for which you have an inelastic demand and one for which you have an elastic demand. What determines whether your demand is elastic or inelastic for these products?
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Answer:
Baby phat
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Baby phat
blahh.
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