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An economist has estimated the demand equation of a certain product as Q-150-3/4 P,where P is the price unit and Q is the quantity demanded per year. How can I calculate the own price elasticity when the price of product is P=$24. How can I calculate own price elasticity of demand of the product when it goes from $20 to $28 per unit? (Using this formula: EArc= རུ༢ X Average P/ Average Q

An economist has estimated the demand equation of a certain product as Q-150-3/4 P,where P is the price unit and Q is the quantity demanded per year. How can I calculate the own price elasticity when the price of product is P=$24. How can I calculate own price elasticity of demand of the product when it goes from $20 to $28 per unit? (Using this formula: EArc= རུ༢ X Average P/ Average Q

ECON MICRO
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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An economist has estimated the demand equation of a certain product as Q-150-3/4 P,where P is the price unit and Q is the quantity demanded per year. How can I calculate the own price elasticity when the price of product is P=$24. How can I calculate own price elasticity of demand of the product when it goes from $20 to $28 per unit? (Using this formula: EArc= རུ༢ X Average P/ Average Q
Transcribed Image Text:An economist has estimated the demand equation of a certain product as Q-150-3/4 P,where P is the price unit and Q is the quantity demanded per year. How can I calculate the own price elasticity when the price of product is P=$24. How can I calculate own price elasticity of demand of the product when it goes from $20 to $28 per unit? (Using this formula: EArc= རུ༢ X Average P/ Average Q
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