The demand equation for a product is q = 500 – 30p + p? where 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.)
The demand equation for a product is q = 500 – 30p + p? where 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.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The demand equation for a product is
q = 500 - 30p +
where 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.)
Clear all
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Transcribed Image Text:The demand equation for a product is
q = 500 - 30p +
where 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.)
Clear all
Check answer
Help me solve this
View an example
Textbook
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69%
E O ENG
2/14/2022
T490
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F9
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F8
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8
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H.
K
F
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