1. The demand for mobile phone in Hanoi as follows: QD = 90 - 20P + 51 In which, P is mobile phone's price, I is consumer's income, QD is quantity demanded. Given P = 2 and I = 3; Calculate the price elasticity of demand. Explain your result.

1. The demand for mobile phone in Hanoi as follows: QD = 90 - 20P + 51 In which, P is mobile phone's price, I is consumer's income, QD is quantity demanded. Given P = 2 and I = 3; Calculate the price elasticity of demand. Explain your result.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 4SQP

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1. The demand for mobile phone in Hanoi as follows: QD = 90 - 20P + 51
In which, P is mobile phone's price, I is consumer's income, QD is quantity demanded.
Given P = 2 and I = 3;
Calculate the price elasticity of demand. Explain your result.

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