Answer to Question #142349 in Finance for Mr. Dinesh Pal Singh

Question

29. Suppose the market demand for playing cards is given by the equation
Q = 6,000,000 – 1,000,000P where Q is the number of decks of cards demanded each year and P is the price in dollars. For a price increase from $2 to $3 per deck, what is the arc price elasticity?

Answer 1

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