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QUESTION 16 Cybergraphics, Inc. estimates that the inverse demand for its product is given by the following equation: P = 600 - 0.01Q (or: Q
QUESTION 16
- 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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Principles of Economics
Authors: Gregory Mankiw
7th edition
128516587X, 978-1285165875
