The demand function for gadgets is providede by the, Ask an Expert

Economics

Price Elasticity HW Question

The demand function for gadgets is given by the following formula

Q = 1,000 -10Y - 2 P + 4A

where Q is quantity, Y is income, P is price, and A is advertising.

Currently, Y = 20, P = 30, and A is 15

What is the point price elasticity of demand?

-0.0375

-1.33

-.075

-13.33

-0.75

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9202725

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