The inverse demand function for grapes is described by the equation p = 518 - 5q, where p is the price in dollars per crate and q is the number of crates of grapes demanded per week. When p = $38 per crate, what is the price elasticity of demand for grapes?

Answer rating: 100% (QA)

To calculate the price elasticity of demand PED for grapes at a price of 38 per crate we need to use ... View the full answer