You know that there are 500 consumers with the following demand function: q=200-2p and 250 consumers with the following demand function: q4600-3p. How much is the quantity demanded at a price of 120 and at a price of 80? Your answer is incorrect (See correct answer below) 60.000 at p=120 and 110,000 at p=80 O 40,000 at p=120 and 110,000 at p=80 O 60.000 at p=120 and 90.000 at p=80 O 40.000 at p=120 and 90.000 at p=80

You know that there are 500 consumers with the following demand function: q=200-2p and 250 consumers with the following demand function: q4600-3p. How much is the quantity demanded at a price of 120 and at a price of 80? Your answer is incorrect (See correct answer below) 60.000 at p=120 and 110,000 at p=80 O 40,000 at p=120 and 110,000 at p=80 O 60.000 at p=120 and 90.000 at p=80 O 40.000 at p=120 and 90.000 at p=80

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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