Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand? IP 20 15 Price (dollars) 8.10 s O -1/3 -1 -5 -2/3 1,000 2,000 Quantity 3,000 4,000

Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand? IP 20 15 Price (dollars) 8.10 s O -1/3 -1 -5 -2/3 1,000 2,000 Quantity 3,000 4,000

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 4SQP

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Question

Refer to the following figure. When price is $5 and quantity demanded is 3,000, what is the point elasticity of demand?
IP
20
Price (dollars)
15
810
S
0
-1/3
-1
-5
-2/3
1,000
2,000
Quantity
3,000
D
4,000
2

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