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Price Elasticity HW Question

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The demand function for gadgets is given by the following formula
Q = 1,000 -10Y - 2 P + 4A
where Q is quantity, Y is income, P is price, and A is advertising.
Currently, Y = 20, P = 30, and A is 15
What is the point price elasticity of demand?

-0.0375

-1.33

-.075

-13.33

-0.75

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This solution displays how to calculate the point price elasticity of demand in the given problem.

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