17 Feb

Consider the market for lobsters. You study survey data and observe that if lobsters Price is $5/kg, then 100 kilograms lobsters are demanded. You also observe that if lobsters Price is $3/kg, then 200 kilograms lobsters are demanded. Whether the demand for lobsters elastic or inelastic? What will be the Price Elasticity of demand for lobsters?

Mahe Alam
17 Feb

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