Math Problem Statement
Solution
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Math Problem Analysis
Mathematical Concepts
Economics
Price Elasticity of Demand
Income Elasticity of Demand
Formulas
Price Elasticity of Demand: Ed = [(Q2 - Q1) / ((Q2 + Q1) / 2)] / [(P2 - P1) / ((P2 + P1) / 2)]
Income Elasticity of Demand: Ei = [(Q2 - Q1) / ((Q2 + Q1) / 2)] / [(I2 - I1) / ((I2 + I1) / 2)]
Theorems
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Suitable Grade Level
Grades 10-12 or University Level (Economics)
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