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The equations of the demand and supply curves for a product have been reliably estimated as: Q D = 44 – 2 P Q S = 3 P – 16 P is measured in $, Q is…
The equations of the demand and supply curves for a product have been reliably estimated as:
Q D = 44 – 2 P
Q S = 3 P – 16
P is measured in $, Q is measured in Kg.
The absolute value of the point elasticity of demand at the equilibrium price and quantity can be estimated as:
A. 0. 60
B. 1.20
C. 2.75
D. 3.33
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