4) Suppose that you have the following demand curve. Q = 400 – 6P + 0.0051 Where Q = quantity demanded, %3D P = price, and | = average income. You know that the current market price is ZMW20 and average income is ZMW20,000 a) Calculate current demand. b) Calculate the price elasticity of demand. Calculate the income elasticity of demand.

4) Suppose that you have the following demand curve. Q = 400 – 6P + 0.0051 Where Q = quantity demanded, %3D P = price, and | = average income. You know that the current market price is ZMW20 and average income is ZMW20,000 a) Calculate current demand. b) Calculate the price elasticity of demand. Calculate the income elasticity of demand.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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