Use the price-demand equation p+0.005x=48, 0≤ps 48. Find the elasticity of demand when p=$16. If the $16 price is decreased by 6%, what is the approximate percentage change in demand? The elasticity of demand when p= 16 is (Type an integer or a simplified fraction.) If the price is decreased by 6%, the demand (Type an integer or a simplified fraction.) approximately%.

Use the price-demand equation p+0.005x=48, 0≤ps 48. Find the elasticity of demand when p=$16. If the $16 price is decreased by 6%, what is the approximate percentage change in demand? The elasticity of demand when p= 16 is (Type an integer or a simplified fraction.) If the price is decreased by 6%, the demand (Type an integer or a simplified fraction.) approximately%.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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