Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 09 Oct 2017 My Price 3.00

demand for widgets

The demand for widgets is found to be Q=100-11P +0.5Y, where P is the price of widgets in dollars, Y is average income in thousands and Q is the quantity of widgets in thousands. Say that P=7 and Y=50. What is the point price elasticity of demand in absolute value terms?
Answer
11.0

0.62
1.45
1.60

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Maurice Tutor
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Status NEW Posted 09 Oct 2017 12:10 PM My Price 3.00

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