13. For each of the following equations, Determine whether demand is elastic, inelastic or unitary elastic at the given price: (i) Q= 50 – 2P at P =20 (ii) Q= 30 – 5P at P= 2 14. The of a manufacturing firm believes that the price elasticity of demand of its management product is -2.0. Currently, the product is priced at 7400 and the quantity demanded is 8000 per month. If the price is increased to 500, how many units will the firm be able to sell each month?

13. For each of the following equations, Determine whether demand is elastic, inelastic or unitary elastic at the given price: (i) Q= 50 – 2P at P =20 (ii) Q= 30 – 5P at P= 2 14. The of a manufacturing firm believes that the price elasticity of demand of its management product is -2.0. Currently, the product is priced at 7400 and the quantity demanded is 8000 per month. If the price is increased to 500, how many units will the firm be able to sell each month?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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