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 Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 10 of 25

 Topic: Doing The Numbers <=PAGE BACK | PAGE NEXT=>

• Suppose we have the following price and quantity values for the demand of calling minutes in cellular phones:

P1 = 10 cents, Q1 = 5 million minutes, P2 = 11 cents, and Q2 = 4.5 million minutes.

• Plugging theses numbers into the formula gives us:

 elasticity = - 0.105 ÷ 0.095 = - 1.105

• While the quick and dirty elasticity indicates exactly unit elastic demand (1 on the nose), the midpoint formula indicates relatively elasticity demand (1.105).

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HOW?

The allocation question that determines the way society's limited resources are combined in the production of goods and services. It can be stated as: How are society's limited resources combined to produce goods and services? This is one of three basic questions of allocation. The other two are What? and For Whom?

 GRAY SKITTERY[What's This?] Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for door-to-door salesmen.Your Complete Scope
 Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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