Suppose the demand equation is:Q = 80 – 1.25p.What is the price elasticity of demand if the price is $40 per unit and output is 30 units?The price elasticity of demand is(Enter a numeric response using a real number rounded to two decimal places.)étv2Help Me Solve ie EAVलानग ा ाMacBook AirDIDD80escF9F10F4F5F6F7F8F3F1@$%&1234578.QWETYPtabHKこの* 00R* :-

Formula of elasticity = (dQ/dp)*p/q

Answered: Suppose the demand equation is: Q = 80…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 5P

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Suppose the demand equation is: Q = 80 - 1.25p. What is the price elasticity of demand if the price is $40 per unit and output is 30 units? The price elasticity of demand is . (Enter a numeric response using a real number rounded to two decimal places.)