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Equation for a demand curve

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Reference no: EM132119173

The equation for a demand curve has been estimated to be Q = 100 - 10P + 0.5Y, where Q is quantity, P is price and Y is income. Assume P = 7 and Y = 50.

A) At an income level of 50, what is the income elasticity?

B) Now assume income is 70. What is the price elasticity at P = 8?

Reference no: EM132119173

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