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Suppose the demand for a product is given by 2p3q=500,000+500p2 where p is the price in dollars and q is the number of units sold. Find the price elasticity of demand when p=$50

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section19.1: Elasticity: Part 1

Problem 1ST: On Tuesday, the price and quantity demanded are 7 and 120 units, respectively. Ten days later, the...

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Suppose the demand for a product is given by 2p³q=500,000+500p² where p is the price in dollars and q is the number of units sold. Find the price elasticity of demand when p=$50

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