Suppose the demand for good X is Q = 20P -1 . a. When P = $1,
Question:
Suppose the demand for good X is Q = 20P-1.
a. When P = $1, total revenue is _________.
b. When P = $2, total revenue is _________.
c. When P = $4, total revenue is _________.
d. The price elasticity of demand is equal to _________at every price. Why?
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Demand for X is Q 20P 1 a If P 1 Q 2011 Q 201 Q 20 To...View the full answer
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Related Book For 
Managerial Economics Foundations of Business Analysis and Strategy
ISBN: 978-0078021909
12th edition
Authors: Christopher Thomas, S. Charles Maurice
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