Calculate point elasticity of demand

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Reference no: EM131481749

Question: 1. For the demand schedule P = 24 - 0.125Q, calculate point elasticity of demand when price is

(a) £5 (b) £10 (c) £15

2. Make up your own examples of linear functions that will

(a) slope upwards and go through the origin;

(b) slope downwards and cut the price axis at a positive value;

Reference no: EM131481749

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