close
    price elasticity when Q=500-3P+2Pr+0.1M when Pr=20, M=6,000, P=10

    0  Views: 1016 Answers: 1 Posted: 12 years ago
    Tags: elasticity

    1 Answer

    you didn't specify what M and Pr mean.


    if they are unrelated to P then the elasticity is 0.0003 = 0.03%

    medic58

    Sorry...P=price, Pr = competitors price, M = consumer income.
    Volcane

    In that case the answer above should be the right one.


    Top contributors in Economics category

     
    ROMOS
    Answers: 36 / Questions: 0
    Karma: 1950
     
    Benthere
    Answers: 1 / Questions: 0
    Karma: 1230
     
    Colleen
    Answers: 45 / Questions: 0
    Karma: 1185
     
    jhharlan
    Answers: 27 / Questions: 0
    Karma: 1050
    > Top contributors chart
    466417
    questions
    722239
    answers
    785327
    users