Equation: Suppose that the demand of a certain item is x = -0.7 p + 20.
Evaluate the elasticity at E = 8.
I'm not sure what steps to take to solve this. I know that elasticity is equal to the absolute value of [(p/q) x (dp/dq)]
Evaluate the elasticity at E = 8.
I'm not sure what steps to take to solve this. I know that elasticity is equal to the absolute value of [(p/q) x (dp/dq)]