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Question7 Assumethe demand and supply functions for apple juice are Qs = 3P - 6 and Qd = 15 - 3P. The price elasticity of

Question7

Assumethe demand and supply functions for apple juice are Qs = 3P - 6 and Qd = 15 - 3P.

The price elasticity of demand at equilibrium is[Answer].

(In decimal numbers, with two decimal places, please.)

Answer:

We can conclude that the demand for apple juice is price [Answer].

Select one:

a.elastic

b.inelastic

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