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    4. price elasticity when Q=500-3P+2Pr+0.1M when Pr=20, M=6,000, P=10
    price elasticity when Q=500-3P+2Pr+0.1M when Pr=20, M=6,000, P=10

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    0  Views: 1117 Answers: 1 Posted: 13 years ago
    Tags: elasticity
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      1 Answer

      you didn't specify what M and Pr mean.


      if they are unrelated to P then the elasticity is 0.0003 = 0.03%

      13 years ago. Rating: 0
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        medic58

        Sorry...P=price, Pr = competitors price, M = consumer income.
        commented 13 years ago
        Volcane

        In that case the answer above should be the right one.
        commented 13 years ago


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