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The demand equation for roasted wagyu is given as: Q=450-0.75P where Q is the quantity demanded and P is price. What is the point elasticity
The demand equation for roasted wagyu is given as: Q=450-0.75P where Q is the quantity demanded and P is price. What is the point elasticity at the price of RM10? Is the demand elastic or inelastic? What would happen to the quantity demanded if the price is increased by 20%? Determine the price level at which total revenue tends to be unchanged if there is a price change. (10 marks)
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International Economics
Authors: Dennis Appleyard, Alfred Field
8th Edition
978-0078021671, 0078021677
