Refer to the table below. If the price of your good is $8, the price of the related good is $5, and the average income of consumers is $25,000, what is the point elasticity of demand?
The demand for your product demands on three factors; the price of your good, the price of a related good, and the average income of your customers. Excel estimated the above linear demand for your product.
A) 0.01
B) 0.26
C) 1.25
D) 0.75
A) 0.01
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