Answered: The demand function of a certain…

The demand function of a certain commodity is X = 30-2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 6E

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Question

The demand function of a certain
commodity is X = 30 2P. When
the price P changes from 5 to 10,
please calculate the price elasticity of
demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d
) 0.4 (e) 0.5 (f) 2

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