Suppose that demand curve for apple in Brooklyn is as the followings: Qu = 72 – 12P where Qu is for the quantities demanded in tons, and P is the price of apple in dollars per kg? 1) If price elasticity of demand for apple at price P* is equal to -6/9, how much is P*? 2) What is quantity demanded at price P* at which price elasticity of demand for apple equals to -6/9?

Suppose that demand curve for apple in Brooklyn is as the followings: Qu = 72 – 12P where Qu is for the quantities demanded in tons, and P is the price of apple in dollars per kg? 1) If price elasticity of demand for apple at price P* is equal to -6/9, how much is P? 2) What is quantity demanded at price P at which price elasticity of demand for apple equals to -6/9?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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