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Price elasticity of demand for wine

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Reference no: EM131584534

In year 2016 price of a (750 ml.) bottle of wine sold by Richard Mondavi was $20.00. Fifty (thousand) bottles were sold. It was estimated that the own price elasticity of demand for wine of that type was -1.6. Assuming a straight line demand curve, determine the demand equation for Mondavi's wine.

Show and explain all your calculations.

Reference no: EM131584534

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