Suppose the demand equation is: Q = 80 - 1.25p. What is the price elasticity of demand if the price is $40 per unit and output is 30 units? The price elasticity of demand is . (Enter a numeric response using a real number rounded to two decimal places.)
Suppose the demand equation is: Q = 80 - 1.25p. What is the price elasticity of demand if the price is $40 per unit and output is 30 units? The price elasticity of demand is . (Enter a numeric response using a real number rounded to two decimal places.)
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Transcribed Image Text:Suppose the demand equation is:
Q = 80 – 1.25p.
What is the price elasticity of demand if the price is $40 per unit and output is 30 units?
The price elasticity of demand is
(Enter a numeric response using a real number rounded to two decimal places.)
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