If the demand curve is QD = 10 - 2P, then the lowest price at which no consumer is willing to buy the good (i.e., the demand choke price) is:
5
10
7
2.
Demand curve = 10-2P
Choke price is lowest price where the quantity demanded is equal to zero and it will be equal to 5
Option(A)
If the demand curve is QD = 10 - 2P, then the lowest price at which...
Consider this equation of a demand curve: Qd = 500 – 2P, where Qp is quantity demanded and P is price. a. Find the (QD,P) pair at which the point price elasticity of demand, e, is equal to –1. What is the value of total revenue at this point? b. Where does this QD,P) pair from part (a) sit on the demand curve? Sketch the demand curve and label the point from part (a).
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