Suppose that you estimated the following demand curve for footballs. Q = 400 - 6P +.0051 Q Represents quantity demanded P represents price and I represents average income You know that the current market price is $50 and average income is $20,000 a) Calculate current demand. b) Calculate the price elasticity of demand.

Suppose that you estimated the following demand curve for footballs. Q = 400 - 6P +.0051 Q Represents quantity demanded P represents price and I represents average income You know that the current market price is $50 and average income is $20,000 a) Calculate current demand. b) Calculate the price elasticity of demand.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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