Suppose there is a fall in the price of a good from $ to half the price, the quantity demanded increases from x to 3x units, and the price elasticity of demand is . Now suppose there is an increase in the price of a good from $ to double its price and the price elasticity is . The elasticity is enter your response here , and remains the same regardless of an increase or decrease in price. (Round your response to two decimal places.) This is known as ▼ income elasticity arc elasticity cross-price elasticity .

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jordanphillips5154 jordanphillips5154

17-03-2022
Business

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Suppose there is a fall in the price of a good from $ to half the price, the quantity demanded increases from x to 3x units, and the price elasticity of demand is . Now suppose there is an increase in the price of a good from $ to double its price and the price elasticity is . The elasticity is enter your response here , and remains the same regardless of an increase or decrease in price. (Round your response to two decimal places.) This is known as ▼ income elasticity arc elasticity cross-price elasticity .

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-03-29T13:12:11+02:00

The type of elasticity of demand that's illustrated based on the price given is arc elasticity.

What is elasticity of demand?

The elasticity of demand simply means the degree of responsiveness based on the change in the price of a product.

In this case, type of elasticity of demand that's illustrated based on the price given is arc elasticity. This measures the quantity demanded to a price.

Learn more about elasticity of demand on:

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