Calculating own price elasticity of demand
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
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