Answered: The demand function Qd = 8 - 2P yields…

The demand function Qd = 8 - 2P yields an equilibrium price of $4 and an equilibrium quantity of 4. What is the price elasticity of demand at equilibrium? Select one: a. -4. b. -2. c. -0.8. d. -1.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 2WNG: As the price of good X rises from 10 to 12, the quantity demanded of good Y rises from 100 units to...

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Question

The demand function Qd = 8 - 2P yields an equilibrium price of $4 and an equilibrium quantity of 4. What is the price elasticity of demand at equilibrium?

Select one:

a. -4.

b. -2.

c. -0.8.

d. -1.

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