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Price Elasticity HW Question
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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The similar same set of price quantity combinations are utilized to compute the price elasticity of demand
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