Suppose That the Demand for Artichokes (Qa) Is Given As

question 150

Essay

Suppose that the demand for artichokes (Qa) is given as:
Qa = 120 - 4P
a. What is the point price elasticity of demand if the price of artichokes is $10?
b. Suppose that the price of artichokes increases to $12. What will happen to the number of artichokes sold and the total expenditure by consumers on artichokes?
c. At what price if any is the demand for artichokes infinitely elastic?

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