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A recent empirical study of the demand for automobiles revealed that the elasticity for a Cadillac Escalade is -4. According to goodcarbadcar.com, 25,600 Cadillac Escalades
- A recent empirical study of the demand for automobiles revealed that the elasticity for a Cadillac Escalade is -4. According to goodcarbadcar.com, 25,600 Cadillac Escalades were sold in 2013 at a price of $64,000. What is the inverse demand curve for a Cadillac Escalade?
- P = -0.625Q + 65,600
- P = -0.625Q + 80,000
- P = -1.6Q + 104,960
- P = -0.1Q + 66,560
- P = -1.6Q + 128,000
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Intermediate Microeconomics and Its Application
Authors: Walter Nicholson, Christopher M. Snyder
12th edition
978-1133189022, 1133189024, 1133189032, 978-1305176386, 1305176383, 978-0357687000, 978-1133189039
