The demand equation for a product is Next Question q= 600 - 35p + p wwhere p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p= 13. If this price of 13 is increased by 1%, what is the approximate change in demand? .... The point elasticity of the demand equation for p = 13 is n= Simplify your answer.) f this price of 13 is increased by 1%, the approximate Round to two decimal places as needed.) V in demand is %.

The demand equation for a product is Next Question q= 600 - 35p + p wwhere p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p= 13. If this price of 13 is increased by 1%, what is the approximate change in demand? .... The point elasticity of the demand equation for p = 13 is n= Simplify your answer.) f this price of 13 is increased by 1%, the approximate Round to two decimal places as needed.) V in demand is %.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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