Q12: Given Q = 120 – 4P + 0.05 Y , where Q is quantity demanded, P is price, and Y is income, and given P = 30, and Y = 3000. Find the following: a) Price elasticity of demand. b) Income elasticity of demand

Q12: Given Q = 120 – 4P + 0.05 Y , where Q is quantity demanded, P is price, and Y is income, and given P = 30, and Y = 3000. Find the following: a) Price elasticity of demand. b) Income elasticity of demand

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 6E

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please solve Q12

Q12: Given Q = 120 – 4P + 0. 05 Y , where Q is quantity demanded, P is price, and Y is income, and
given P = 30, and Y = 3000. Find the following:
a) Price elasticity of demand.
b) Income elasticity of demand .

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