Question
Cybergraphics, Inc. estimates that the inverse demand for its product is given by the following equation: P = 600 - 0.01Q (or: Q = 60,000
Cybergraphics, Inc. estimates that the inverse demand for its product is given by the following equation:
P = 600 - 0.01Q (or: Q = 60,000 - 100P),
where P represents the per-unit price of the good (in dollars) and Q is the number of units sold. What is the own-price elasticity of demand for this product when the price equals $400? Enter a single number in the box below.
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Managerial Economics and Strategy
Authors: Jeffrey M. Perloff, James A. Brander
2nd edition
134167879, 134167872, 9780134168319 , 978-0134167879
