Given inverse demand function P^2=1000q^-3, p>0, q>0, where p,q are respectvely price and quantity. then as price

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Given inverse demand function P^2=1000q^-3, p>0, q>0, where p,q are respectvely price and quantity. then as price increases, the absolute magnitude of price elasticity of demand, |Ep|.

a) remains constant

b) Increase

c) Decrease

d) first increase and then decrease (for p>1)

Related Book For answer-question

Intermediate Microeconomics

ISBN: 978-0393123968

9th edition

Authors: Hal R. Varian

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Posted Date: May 03, 2023 12:53 AM

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Given inverse demand function P^2=1000q^-3, p>0, q>0, where p,q are respectvely price and quantity. then as price

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