Suppose the price P and quantity of Q are related by the equation q= 40-6p-p² .find a)elasticity of demand Eq at p=2 and b) Marginal revenue MR at p=4.
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The price elasticity of demand (which is often shortened to demand elasticity) is defined to be the percentage change in quantity demanded, q, divided by the percentage change in price, p. The formula for the demand elasticity (ǫ) is: ǫ = p q dq dp .
Explanation:
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