In general the value of b for price elasticity of demand is determined by the quantity-price relationship given by: Q= a - b*P, Above, we have 42-3Q=2P, which is: Q=(42/3) - (2/3)P or b=2/3. Now for P=6 we obtain Q=10.
C B.
asked • 07/15/21Find the price elasticity of the demand function
42-3Q=2P and the price, P=$6
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