Let p denote the price of good X and consider the demand for good X of the following two consumers Dan: XD 191/p Sam Xs 142-8p Assume Dan and Sam are the only consumers interested in this good. What is the absolute value of the price elasticity of the aggregate demand for good X at the point where p = 1? You must input a positive number. Do not input a ratio, e.g. 2/9.

Let p denote the price of good X and consider the demand for good X of the following two consumers Dan: XD 191/p Sam Xs 142-8p Assume Dan and Sam are the only consumers interested in this good. What is the absolute value of the price elasticity of the aggregate demand for good X at the point where p = 1? You must input a positive number. Do not input a ratio, e.g. 2/9.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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