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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.
Expert's answer

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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