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A demand curve is given by the following equation: P = -2Q + 40. i) Calculate the Total Revenue when Q = 5 and when Q = 8. ii) Calculate the price elasticity of demand between Q = 5 and Q = 8. Round decimal answers to two places. Explain why the relation between the numbers in (i) and (ii) makes sense.

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9685029

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