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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Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded—or supplied—divided by the percentage change in price.
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