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Homework answers / question archive / Suppose the demand function for a good is expressed as 

Suppose the demand function for a good is expressed as 

Economics

Suppose the demand function for a good is expressed as . If the good currently sells for , then the price elasticity of demand equals: .

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Given:

 

The quantity demanded for the good is 60 units at price $10.

The price elasticity of demand is:

 

The demand for good is inelastic.

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