Question
For example, the inverse demand for Tires is: P = .0025 I - 0.5Q D The current market price is $11 and average income (I)
For example, the inverse demand for Tires is:
P =.0025I - 0.5QD
The current market price is $11 and average income (I) is $10,000
Calculate the price elasticity of demand.
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Economics of Strategy
Authors: David Besanko, David Dranove, Mark Shanley, Scott Schaefer
6th edition
978-1118273630, 111827363X, 978-1118319185
