Monthly Demand Elasticity
Monthly demand for juice by consumer is given by Q=10-8P
a. If the price of juice is $1 per can, how much/many juice will the consumer purchase in a typical month?
Here I just substituted $1 in for P, so the quantity demand at $1 for juice would be Q=2
b. What is the elasticity of demand for juice?
i have the formula to use %change Qd/%change P however note sure where these are coming from since don't know the change unless plug in for various Q and P variables?