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What is the price elasticity of demand

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Consider the following demand function: Q = 10*PRICE-1.5*INCOME.7. Suppose PRICE is decreased by 2%. What is the predicted percentage change in Q? Enter a positive number such as 5. Do not include % or percentage.

Consider the following demand function: Q = 10*PRICE-1.5*INCOME.7. Suppose PRICE = 2 and INCOME = 10. What is the price elasticity of demand?

Reference no: EM133131395

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