Answer:
The price elasticity of demand is -10
Step-by-step explanation:
Given
Solving (a): The coefficient of price elasticity of demand (k)
This is calculated as:
So, we have:
<em>Because |k| > 0, then we can conclude that the company made a wise decision.</em>
Answer:
26 miles per gallon
Step-by-step explanation:
Take the root of both sides and solve.
c = - 7 sqr root 5
c = -1.258