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State the Traditional demand theory
So an over-simplified and the most commonly stated demand function is: Dx = f (PX) thatconnotes that demand for commodity X is the function of its price. Traditional demand theory deals with this demand function specifically.
p=10, TC= 1000+2Q+.01Q^2, Q=?
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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 . Thanks a lot!
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