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QUESTION
The demand equation is estimated to be 50 - 3P + 2Po , where Po is the price of some other good. Assune the average value of P is $ 3 and the average...
The demand equation is estimated to be 50 – 3P + 2Po , where Po is the price of some other good. Assune the average value of P is $ 3 and the average value of Po is $ 6.a. what is the price elasticity at the average values of P and Po?how should the price of the good be changed to increase total revenues?
