Joe’s hot dog stand projects the following demand for hot dogs:

1.     Joe’s hot dog stand projects the following demand for hot dogs:

Price                           Quantity Purchased (per day)

$4                                           50

$5                                           40

$6                                           20

Calculate the same price elasticity of demand between $4 and $5. SHOW YOUR WORK.

Calculate the same price elasticity of demand between $5 and $6. SHOW YOUR WORK.

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