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@@RutendoNaomi Since elasticity is just the ratio of percentage changes, yes, you can use arch method to solve, and the equations would actually remain the exact same! As for midpoint method, it's primarily used to solve for elasticity algebraically, and will also work every time, as long as you have all the necessary information (both old and new price and old and new quantity). Hope this helps! :)
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Check out our latest Community Poll: ruclips.net/user/ThinkEconcommunity to weigh in on which videos you'd like to see more of over the summer months! If you DEMAND it, we'll SUPPLY it!
Can I use arch method or midpoint method to calculate all elasticity
@@RutendoNaomi Since elasticity is just the ratio of percentage changes, yes, you can use arch method to solve, and the equations would actually remain the exact same!
As for midpoint method, it's primarily used to solve for elasticity algebraically, and will also work every time, as long as you have all the necessary information (both old and new price and old and new quantity).
Hope this helps! :)
Could you a video of how e-commerce has impacted market structures I have an exam this Tuesday am sure the topic will come about
when a 6 minute vid helps me understand what was thought in a whole 2hr lecture. MiNDBLoWN!
Glad it was helpful!
Love it!🙌🏼
This is helpful! Thank you very much !
You're welcome!
Thank you that's help a lot!!
I'm glad to hear it!
Thanks a lot ❤
You’re very welcome!
im a bid confused , how do you find percentage change in the price without dividing by 100 ?
Thank you!
iguess (new value-old value)/avg value is the correct formula for cross elasticity
My professor also told us the denominator should be average
Thank you
I know you're explaining about Cross Elasticity of demand
But when we calculate Income Elasticity of demand, can we use Arc Elasticity Method?
God bless you❤
Why didn't you use the midpoint method?
❤❤
💛
Thank you
You're welcome!