Suppose QX d = 10,000 – 2 PX + 3 PY – 4.5M , where PX = $100, PY = $50, and M = $2,000. What is the own-price elasticity of demand?
Note
Suppose QX d = 10,000 - 2 PX + 3 PY - 4.5M , where PX = $100, PY = $50, and M = $2,000. the own-price elasticity of demand is -0.21.