Answered: A certain product has a demand curve…

A certain product has a demand curve with the following values: P Q $5 150 $7 100 What is the absolute value of the own price elasticity of demand when the price is $7?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

A certain product has a demand curve with the following values:

P	Q
$5	150
$7	100

What is the absolute value of the own price elasticity of demand when the price is $7?

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