Answer to Question #89815 in Microeconomics for insiya

Question #89815
Calculate price elasticity of demand using point elasticity method when the company is in equilibrium and interpret the result.
1
Expert's answer
2019-05-17T12:08:51-0400

Point elasticity is the price elasticity of demand at a specific point on the demand curve instead of over a range of it.

If Qd = a - b×P, then Ed = -b×P/Q.


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