Answer to Question #202732 in Macroeconomics for kashif

Question #202732

I. Given Q = 500 – 3P + 0.02Y

Where P = 25, Y = 750

Find a) Price Elasticity of Demand b) Income Elasticity of Demand

Expert's answer

Price elasticity is "-" 0.067 and income elasticity is 0.13.

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