Essay
Suppose a demand function yields an equilibrium price of $5.00 and an equilibrium quantity of 50 000 individual units.The equilibrium quantity could also be expressed in units of 1000, yielding an equilibrium of $5.00 and 50 units.How would expressing the quantity in units of 1000 affect the value of the slope and the elasticity?
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Changing the units of measure would chan...View Answer
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