Consider the price-demand equation given byp=6,000−x1,200.Calculate the value of p such that the elasticity of demand is equal to one. Give your answer as a decimal to one decimal place. **Price-Demand Equation and Elasticity Calculation**Consider the price-demand equation given by:\[ p = \frac{6,000 - x}{1,200} \]Calculate the value of $ p $ such that the elasticity of demand is equal to one. Provide your answer as a decimal to one decimal place.**Provide your answer below:**

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Consider the price-demand equation given by 6,000 - x 1,200 р - Calculate the value of p such that the elasticity of demand is equal to one. Give your answer as a decimal to one decimal place.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the price-demand equation given by p=6,000−x1,200. Calculate the value of p such that the elasticity of demand is equal to one. Give your answer as a decimal to one decimal place.

**Price-Demand Equation and Elasticity Calculation**

Consider the price-demand equation given by:

\[ p = \frac{6,000 - x}{1,200} \]

Calculate the value of $ p $ such that the elasticity of demand is equal to one. Provide your answer as a decimal to one decimal place.

**Provide your answer below:**

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