Answer to Question #89670 in Microeconomics for prathu

Question #89670
Consider the following equations: Qd = 31 - 3P and Qs = 6 + 2P, where Qd = quantity demanded and Qs = quantity supplied, P = price Demand Schedule Price Quantity demanded $250 1500 $200 2100 $150 2700 If the own-price elasticity of demand for a good is -0.6 and quantity demanded decreases by 30%, price must have"?
1
Expert's answer
2019-05-14T09:09:05-0400

The quantity must have increased by -30/-0.6=50%.


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