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Business, 17.06.2021 22:50 struckedblazing

The demand for fax machines in thousands of units has been estimated to be Q = 1,000 – 1.5 P + 5 L, where P is the price of the machines and L is the average cost of a 10-minute midday call from Los Angeles to New York. At a fax machine price of $400 and a phone call cost of $10, the price elasticity of demand for fax machines is:

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The demand for fax machines in thousands of units has been estimated to be Q = 1,000 – 1.5 P + 5 L,...
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