Solved: Problem on consumer purchase in a typical month, Microeconomics

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Problem on consumer purchase in a typical month

Question:

Monthly demand for juice by consumer is given by Q=10-8P

a. If the price of juice is $1 per can, how much/many juice will the consumer purchase in a typical month?

Here I just substituted $1 in for P, so the quantity demand at $1 for juice would be Q=2

b. What is the elasticity of demand for juice?

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Microeconomics: Problem on consumer purchase in a typical month

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Microeconomics: Problem on consumer purchase in a typical month

Reference No:- TGS02090511

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