Identify Whether the Demand is Elastic, Inelastic, or Unit-Elastic

timer Asked: Sep 5th, 2014

Question description

suppose that the total revenue received by a company selling basketballs is $600 when the price is set at $30 per basketball and $600 when the price is set at $20 per basketball. Without using the midpoint formula, can you tell whether demand is elastic, inelastic, or unit-elastic over this price range?

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