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EXAMPLE 1-13 Demand Function An individual consumer's monthly demand for downloadable e-books is given by the equation Qelb = 2 0.4 Peb + 0.00051 +0.15

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EXAMPLE 1-13 Demand Function An individual consumer's monthly demand for downloadable e-books is given by the equation Qelb = 2 0.4 Peb + 0.00051 +0.15 Phi, where Qerequals the number of e-books demanded each month, I equals the household monthly income, Deb equals the price of e-books, and Pho equals the price of hardbound books. Assume that the price of Chapter 1 Demand and Supply Analysis: Introduction 51 e-books is 10.68, household income is 2,300, and the price of hardbound books is 21.40. 1. Determine the value of own-price elasticity of demand for e-books

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