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CalculusQ&A LibraryThe demand function for beer is given below, where p is the retail price and D(p) is the demand in gallons per capita. For the demand function, find the elasticity of demand E(p) for any price p. [Note: You will find that demand is inelastic. This means that taxation, which acts like a price increase, is an ineffective way of discouraging liquor consumption, but is an effective way of raising revenue.]D(p) = 6.913p−0.142 E(p)=Question

Asked Mar 17, 2020

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The demand function for beer is given below, where *p* is the retail price and

D(p) is the demand in gallons per capita. For the demand function, find the elasticity of demand *E*(*p*) for any price *p*. [*Note:* You will find that demand is inelastic. This means that taxation, which acts like a price increase, is an ineffective way of discouraging liquor consumption, but is an effective way of raising revenue.]

D(p) = 6.913p^{−0.142}

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