Please complete the worksheet as two of the 5 pages and use the remaining 3 for the paper. In the Elasticity of Demand Worksheet Download Elasticity of Demand Worksheet, calculate the following: Price Elasticity of DemandPercentage ChangeRevenueBased on the readings for the week and your calculations from the worksheet, answer the following questions: In your paper, Explain what elasticity of demand means in your own words. Support your explanation with a suitable example.Describe the relationship between elasticity of demand and revenue when the prices are changed. [Hint: make sure to refer to the worksheet]Rank the demand of these three goods by their expected price elasticities of demand from most elastic to least elastic 1) a blue colored iPhone 2) a smartphone 3) iPhone.Explain why you ranked the goods above in the way you did.
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