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Suppose that the demand for gasoline is given as P = 3.6-0.002Q where P is the price of gasoline in $ per litre and Q is liters of gasoline per day. If you know that current price of gasoline is $1.3, what is the point price elasticity of demand at this price?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9480755

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