For The Give Demand Function 42 3q 2p And The Price P 6 1 Find The Price Elasticity Of The Demand Function At The Indi 1 (37.54 KiB) Viewed 10 times
For The Give Demand Function 42 3q 2p And The Price P 6 1 Find The Price Elasticity Of The Demand Function At The Indi 2 (47.26 KiB) Viewed 10 times
For the give demand function 42-3Q=2P and the price, P=$6 1.Find the price elasticity of the demand function at the indicated values of price. E= round to 1 d.p. 2. Find the absolute value of price elasticity. IEI= round to 1 d.p. 3. Is it: Oelastic Oinelastic Ounitary elasticity 4. A 1% increase in price will cause % Oincrease in quantity of demand. 5. A 5% decrease in price will cause Odecrease % Odecrease in quantity of demand. Oincrease
6. Consider the price of $6. If price decreases by 10%: a) What is the corresponding percent change in the quantity of demand? Quantity of demand will Oincrease by Odecrease %. b) What is the new price? $ round to the nearest cent. c) What is the new quantity of demand? round to 1 d.p.
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