Multiple Choice
Given the demand function QX = 1500 - 100PX + 75PY + 1.5I + .06A where PY = $40.00, I = $2500, and A = $5,000. When price of good X is increased from $60.00 to $75.00, we know that demand for good X over this range is:
A) elastic
B) inelastic
C) unitary elastic
D) unresponsive to price changes
E) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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