Suppose that the demand for a product is given by pq + p + 100q = 50,000. (a) Find the elasticity when p = $234. (Round your answer to two decimal places.)
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First, we need to find the quantity (q) when the price (p) is $234. To do this, we can plug in the value of p into the demand equation and solve for q. Demand equation: pq + p + 100q = 50,000 Plug in p = 234: 234q + 234 + 100q = 50,000 Show more…
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