A small countertop installing company hires you to estimate their consumers weekly demand function for marble (per sq ft). The demand function is as follows: Qm = 5000-30Pm + 20Pg + 0.05Inc m= marble, g= granite and inc= average disposable income for home improvements in the surrounding area. Current prices: marble=40, granite=25 and disposable income-5000 Suppose during the supply change shortage the price of marble triples to $120. Determine the elasticity of demand at the new market price for marble. Answer is -1.67. Please explain how to get to this answer

A small countertop installing company hires you to estimate their consumers weekly demand function for marble (per sq ft). The demand function is as follows: Qm = 5000-30Pm + 20Pg + 0.05Inc m= marble, g= granite and inc= average disposable income for home improvements in the surrounding area. Current prices: marble=40, granite=25 and disposable income-5000 Suppose during the supply change shortage the price of marble triples to $120. Determine the elasticity of demand at the new market price for marble. Answer is -1.67. Please explain how to get to this answer

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer in step by step with explanation. Don't use Ai and chatgpt
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