The arc elasticity is 1.5 as advertising expenditure increases from $10 to $12 million. If demand is 50 at an advertising expenditure of $12 million, what will demand be at an advertising expenditure of $10 million?
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Expert's answer
2019-11-07T10:11:50-0500
Solution:Let p1=12. p2=10. Q1=50. we must to find Q2.The arc elasticity found by the formula
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