Question
The inverse demand function for grapes is described by the equation p=676-9q, where p is the price in dollars of grapes demanded per week when
The inverse demand function for grapes is described by the equation p=676-9q, where p is the price in dollars of grapes demanded per week
when p=$28 per crate, what is the price elasticity of demand for grapes?
a) -9/676
b) -9/72
c) -28/648
d) -72/28
e) -252/72
answer is c but don't understand why
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Managerial Economics and Business Strategy
Authors: Michael R. baye
7th Edition
978-0073375960, 71267441, 73375969, 978-0071267441
