You have estimated that the price of an ounce of unobtanium is Q(P)=110 – 9/10 x P, where Q is the number of tons demanded. If the current price is $35 per ounce, what is elasticity of demand? Round to two decimal places. If you answer is 1.275, enter 1.28. For some elasticities, we take absolute value, for others, we do not. All prices are quoted in Gazzalestan wwwwwwww dollars. Correct Answer 0.4 margin of error t/- 0.01
You have estimated that the price of an ounce of unobtanium is Q(P)=110 – 9/10 x P, where Q is the number of tons demanded. If the current price is $35 per ounce, what is elasticity of demand? Round to two decimal places. If you answer is 1.275, enter 1.28. For some elasticities, we take absolute value, for others, we do not. All prices are quoted in Gazzalestan wwwwwwww dollars. Correct Answer 0.4 margin of error t/- 0.01
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter6: Simple Pricing
Section: Chapter Questions
Problem 10MC
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