We obtain the following demand curve of beef in a market: Q = 30302.189-4303.602 In(P), where Q is quantity demanded of beef measured in pounds, P is price measured in dollars per pound. We know P= 8.906 and Q=12027.759. Based on this information, if price increases by 1 dollar, quantity demanded decreases by%. (Only type in the number in your answer, do not type in the percentage sign "%" again.)

We obtain the following demand curve of beef in a market: Q = 30302.189-4303.602 In(P), where Q is quantity demanded of beef measured in pounds, P is price measured in dollars per pound. We know P= 8.906 and Q=12027.759. Based on this information, if price increases by 1 dollar, quantity demanded decreases by%. (Only type in the number in your answer, do not type in the percentage sign "%" again.)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1QP

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