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QUESTION
John's demand function for chocolate is Qd = 10-2p. His price elasticity of demand for chocolate at a price P^ equals -2/3. The value of P^ is____...
John's demand function for chocolate is Qd = 10-2p. His price elasticity of demand for chocolate at a price P^ equals -2/3. The value of P^ is____
[Hint: you need to use the method for calculating point elasticity to solve this problem. Since you are already given the
