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Measuring Point Elasticity on a Linear Demand Curve
To explain the measurement of point elasticity of a linear demand curve, let's suppose that a linear demand curve is given by MN in Figure below and that we want to measure elasticity at point P.
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Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
producer equllibrium
Decrease in Demand At the initial equilibrium price P 1 , quantity demanded falls from q 1 to q d . But the quantity supplied is still q 1 at this price. Hence, this
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