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Calculate the price elasticity of demand

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The COVID-19 pandemic has brought unprecedented challenges for everyone, especially JPS customers who have constantly complained about high electricity bills and poor quality service. Tom is a frustrated residential customer of JPS. His demand for electricity is given by the following demand function Q = 700-2P + 0.02Y, where P = 25 and Y = 5000

Calculate the price elasticity of demand and Interpret the result

Reference no: EM133066922

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