Let a demand function be given by Q(P)=100-5P, where P is between 0 and 20. Then, when the price increases by 3 dollars, the quantity demanded decreases by 5 decreases by 5/3 decreases by 0.6 decreases by 0.2 decreases by 15

Let a demand function be given by Q(P)=100-5P, where P is between 0 and 20. Then, when the price increases by 3 dollars, the quantity demanded decreases by 5 decreases by 5/3 decreases by 0.6 decreases by 0.2 decreases by 15

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

Let a demand function be given by Q(P)=100-5P, where P is between 0 and 2O. Then, when the price
increases by 3 dollars, the quantity demanded
decreases by 5
O decreases by 5/3
O decreases by 0.6
decreases by 0.2
O decreases by 15

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