Asked by Emre
Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's elasticity of demand? Show your calculations for full marks.
Answers
Answered by
oobleck
so, what is your understanding of what elastic demand means?
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