PART I - Chapter 1
Assuming, as before, that the equilibrium price and quantity are P* = $2 per pound and Q* = 12 million metric tons per year, derive the linear demand curve consistent with the smaller elasticity. Following the method outlined in Section 2.6, we solve for a and b in the demand equation QD = a ( bP. Because (b is the slope, we can use (b rather than (Q/(P in the elasticity formula. Therefore ... ................
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