SOLUTION: if the demand function of a commodity is P=70-0.5Q
Where P and Q are price and quantity respectively, determine the price elasticity of demand when the price decreases from R7 t
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Where P and Q are price and quantity respectively, determine the price elasticity of demand when the price decreases from R7 t
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Question 1121407: if the demand function of a commodity is P=70-0.5Q
Where P and Q are price and quantity respectively, determine the price elasticity of demand when the price decreases from R7 to R5. Indicate whether the demand is elastic or not. Answer by solver91311(24713) (Show Source):
