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The demand function has been estimated to be: Q= 2000+15Y-5.5P where Y is income in thousand euros, Q is the quantity demanded in units and P is the price per unit.

when P= 150 euros and Y= 15(000) euros , determine the following:

a- price elasticity of demand
b- income elasticity of demand

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M941153

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