Use the price-demand equationp+0.001x = 45, 0sps45. Find the elasticity of demand whenp%3 $25. If the $25 price is decreased by 4%, what is the approximate percentage change in demand? The elasticity of demand when p 25 is (Type an integer or a simplified fraction.) If the price is decreased by 4%, the demand approximately %. (Type an integer or a simplified fraction.)
Use the price-demand equationp+0.001x = 45, 0sps45. Find the elasticity of demand whenp%3 $25. If the $25 price is decreased by 4%, what is the approximate percentage change in demand? The elasticity of demand when p 25 is (Type an integer or a simplified fraction.) If the price is decreased by 4%, the demand approximately %. (Type an integer or a simplified fraction.)
Chapter6: Elasticities
Section: Chapter Questions
Problem 6P: Explain why using the midpoint formula for calculating the elasticity of demand gives the same...
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