Question: Given Q= 100 - 2P + 0.02Y, where Q is the quantity demanded, P is the price and Y is the income and given P=20

Given Q= 100 - 2P + 0.02Y, where Q is the quantity demanded, P is the price and Y is the income and given P=20 and Y=5,000. Find the

a) Price elasticity of demand

b) Income elasticity of demand

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a Price Elasticity of Demand The price elasticity of demand Ed measures how responsive the quantity demanded Q is to a change in price P Its calculate... View full answer

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