find the elasticity of the following function with respect to x. Y = Ax⁶
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Step-by-step explanation:
If the demand function is smooth, then we have a nice definition of the elasticity at a point on the demand curve: E = − dQ dP P Q . This is called the point elasticity. The slope dQ/dP is “normalized” by multiplying by P/Q (and by −1 so that it is positive).
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