Question
4. The demand curve for soda is represented by the following equation: Q=12-2P. If at the current market price the elasticity of demand for soda
4. The demand curve for soda is represented by the following equation: Q=12-2P. If at the current market price the elasticity of demand for soda is -2, what is the market price?
5. Compute the income elasticity of the demand for oats, if a 12% decrease in an individual's income increases his demand for oats by 6%.
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
