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    Calculating own price elasticity of demand

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    Suppose Qd = 10,000-2Px+3Py-4.5M,

    where Px = $100, Py = $50, and M = $2,000.

    What is the own-price elasticity of demand?

    A. -2.34
    B. -0.78
    C. -0.21
    D. -1.21

    © BrainMass Inc. brainmass.com October 10, 2019, 1:24 am ad1c9bdddf
    https://brainmass.com/economics/microeconomics/calculating-own-price-elasticity-of-demand-333372

    Solution Summary

    Solution describes the steps to calculate own price elasticity of demand.

    $2.19