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2. The retail demand function for tomatoes is Q = 100 - 3p, where Q= quantity demanded and p = price. There is a 30
2. The retail demand function for tomatoes is Q = 100 - 3p, where Q= quantity demanded and p = price. There is a 30 cents marketing margin so the farm level demand is Q = 70 - 3p. Calculate the arc elasticity of demand between 10 and 15 units at the retail and farm levels
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
