Question: Your marketing research department estimates that the demand function for your product is equal to Q d=2,00020 P . Suppose P = $60. the absolute

Your marketing research department estimates that the demand function for your product is equal to

Qd=2,00020P.

Suppose P= $60.

the absolute value of the price elasticity of demand will be equal to ?????????

(Round your answer to two decimal places.)

The Demand is price elastic or Inelastic ????????????

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