Luchansky and Monks (2009) estimated that the U. S. demand curve for ethanol is Q = p
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Luchansky and Monks (2009) estimated that the U. S. demand curve for ethanol is Q = p– 0.504 p1g.269 v2.226, where Q is the quantity of ethanol, p is the price of ethanol, pg is the price of gasoline, and v is the number of registered vehicles. What is the elasticity of demand for ethanol?
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The elasticity of demand is the percentage ch...View the full answer
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Related Book For 
Managerial Economics and Strategy
ISBN: 978-0321566447
1st edition
Authors: Jeffrey M. Perloff, James A. Brander
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