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All questions utilize the multivariate demand function for Toyotas given in C4 on text page 82, initially with: P M = $20000 P G =

All questions utilize the multivariate demand function for Toyotas given in C4 on text page 82, initially with:

P_M = $20000 P_G = $1.00 I = $15000 A = $10000

This function is:

Q_T = 200 -.01P_T +.005P_M -10P_G +.01I +.003A

1. Use the above to calculate thearc price elasticity of demand between P_T = $20000 and P_T = $15000. The arc elasticity formula is:

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