A new craft brewer has opened its doors in Newtown and is offering samples of its latest brew, The Hopolators Delight, at a price of$9.00 each. If 20 individual consumers have the following demand curve: p=30−3q, what is the absolute value of own price elasticity of demand for the market at the equilibrium? Group of answer choices 3/20 3/7 1 20/3 3
Question
A new craft brewer has opened its doors in Newtown and is offering samples of its latest brew, The Hopolators Delight, at a price of$9.00 each. If 20 individual consumers have the following demand curve: p=30−3q, what is the absolute value of own price elasticity of demand for the market at the equilibrium? Group of answer choices
3/20
3/7
1
20/3
3
Solution
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