Question
17. Given a market demand function for Twiggles: = 2400 + 8 + 800 where Q = annual quantity demanded, P = price in dollars,
17. Given a market demand function for Twiggles: = 2400 + 8 + 800 where Q = annual quantity demanded, P = price in dollars, I = per capita disposable income, and = the price of a related good G. At the current time, P = $40, I = $25,000 and = $50. The value of the price elasticity of demand for Twiggles: _______________
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International Economics Theory and Policy
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
9th Edition
978-0132146654, 0132146657, 9780273754091, 978-0273754206
