Question

Given Qx=20-5p where price is 3 units find the price elasticity

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Answer 1

`Q_x=5`

Step-by-step explanation:

Given that,

The formula is :

`Q_x=20-5p` ....(1)

Where p is price

We need to find the price elasticity

Put p = 3 units in equation (1)

`Q_x=20-5(3)\\\\=20-15\\\\=5`

Hence, the price elasticity is 5.