Asked by sophea
The equation for a demand curve has been estimate to be Q = 100 - 10P + 0.5Y, where Q is quantity, P is price, and Y is income. Assume that p = 7 Y = 50.
a. Interpret the equation
b.At a price of 7, what is price elasticity?
c. At an income level of 50, what is income elasticity?
d. Now assume income is 70, what is the price elasticity at P = 8?
a. Interpret the equation
b.At a price of 7, what is price elasticity?
c. At an income level of 50, what is income elasticity?
d. Now assume income is 70, what is the price elasticity at P = 8?
Answers
Answered by
Zahida
To answer my questions
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.