Question: Suppose that the demand for artichokes (Qa) is given as: Qa = 120 - 4P a. What is the point price elasticity of demand if

Suppose that the demand for artichokes (Qa) is given as:

Qa = 120 - 4P

a. What is the point price elasticity of demand if the price of artichokes is $10?

b. Suppose that the price of artichokes increases to $12. What will happen to the number of artichokes

sold and the total expenditure by consumers on artichokes?

c. At what price if any is the demand for artichokes unit elastic?

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