Question
Suppose the (absolute value of) the slope of a linear demand curve is equal to 1/10. When price equal $6, quantity demanded is 30. Use
Suppose the (absolute value of) the slope of a linear demand curve is equal to 1/10. When price equal $6, quantity demanded is 30. Use the point-slope formula to calculate own price elasticity of demand at a price of $5.
A) 1/2
B)50
C)2
D)1/50
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Economics Today
Authors: Roger LeRoy Miller
16th edition
132554615, 978-0132554619
