Homework Answers
Answer
at point D
Q=150 units
P=$25
The slope of the curve =change in price /change in quantity
=25/(-50)
=-0.5
The point elasticity of demand=(slope )*(P/Q)
=(-0.5)*(25/150)
=-0.0833333333
=-0.083
the absolute value of price elasticity of demand is 0.083
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