The demand equation for a product is q = 550-50p + 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= 16. If this price of 16 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p 16 is n=. (Simplify your answer.)

The demand equation for a product is q = 550-50p + 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= 16. If this price of 16 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p 16 is n=. (Simplify your answer.)

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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