16. Given the demand function of a certain commodity as: Qd = Y/P where: Y: the income and P: the price of commodity 1. Find the price elasticity of demand when the P = 50 and Y = 1200 %3D 2. Find the income elasticity of demand when the P = 60 and Y = 2400

16. Given the demand function of a certain commodity as: Qd = Y/P where: Y: the income and P: the price of commodity 1. Find the price elasticity of demand when the P = 50 and Y = 1200 %3D 2. Find the income elasticity of demand when the P = 60 and Y = 2400

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3CQQ: A linear, downward-sloping demand curve is a. inelastic b. unit elastic. c. elastic. d. inelastic at...

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Question

16. Given the demand function of a certain
commodity as:
Qd = Y/P
where: Y: the income and P: the price of
commodity
1. Find the price elasticity of demand when
the P = 50 and Y = 1200
%3D
%3D
2. Find the income elasticity of demand when
the P = 60 and Y = 2400
%3D

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