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graytoad841Lv1
28 Sep 2019
suppose you have the demand function given: d 40- 2p^2+m, where M is income and P is the price of a good . You have an income of $100.
a) Compute the price elasticity of demand.
b) If P=1, is the good elastic, inelastic or unit elastic?
c) Assuming P=1, compute the income elasticity of the good when income goes from $100 to $200
d) What type of good is it?
suppose you have the demand function given: d 40- 2p^2+m, where M is income and P is the price of a good . You have an income of $100.
a) Compute the price elasticity of demand.
b) If P=1, is the good elastic, inelastic or unit elastic?
c) Assuming P=1, compute the income elasticity of the good when income goes from $100 to $200
d) What type of good is it?
Kelleb MloyiLv2
28 Sep 2019
