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The demand equation for a product is q = 500 – 30p + p? where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p = 13. If this price of 13 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p = 13 is n=. (Simplify your answer.)

The demand equation for a product is q = 500 – 30p + p? where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p = 13. If this price of 13 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p = 13 is n=. (Simplify your answer.)

Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elasticity And Its Application
Section: Chapter Questions
Problem 1CQQ: A life-saving medicine without any close substitutes will tend to have a. a small elasticity of...
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The demand equation for a product is q = 500 - 30p + where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p = 13. If this price of 13 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p=13 is n= (Simplify your answer.) Clear all Check answer Help me solve this View an example Textbook 9:09 AM 69% E O ENG 2/14/2022 T490 Insert Delete Home End F11 F12 F9 F10 F8 F7 F6 F5 F4 Backspace F3 & 8 4 E T Y H. K F
Transcribed Image Text:The demand equation for a product is q = 500 - 30p + where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p = 13. If this price of 13 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p=13 is n= (Simplify your answer.) Clear all Check answer Help me solve this View an example Textbook 9:09 AM 69% E O ENG 2/14/2022 T490 Insert Delete Home End F11 F12 F9 F10 F8 F7 F6 F5 F4 Backspace F3 & 8 4 E T Y H. K F
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