Calculate an own-price elasticity

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Reference no: EM13854828

Demand function Q=101603.210745184-16.269.7144609901*P+1.44286043518601*A

(1) Using the estimated demand equation, calculate an own-price elasticity.

(2) Discuss the meaning of the obtained own-price elasticity. Is it elastic? Inelastic?

 

 

Reference no: EM13854828

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