In early 20th century, cars like the Ford Model T started to be mass produced and sold to the public. Although they were still expensive and still a luxury item. The number sold increased throughout the 1910's, and the price dropped. The demand curve for the Model T at this time was about: Q= 2,616,00-8617p+9.427p^2-0.003422p^3 a. If the number sold in 1910 was 19,293 cars what was the elasticity of demand at that time? b. Of tje mumber sold in 1916 was 577,036 cars, what was the elasticity of demand at that time?
In early 20th century, cars like the Ford Model T started to be mass produced and sold to the public. Although they were still expensive and still a luxury item. The number sold increased throughout the 1910's, and the price dropped. The demand curve for the Model T at this time was about: Q= 2,616,00-8617p+9.427p^2-0.003422p^3 a. If the number sold in 1910 was 19,293 cars what was the elasticity of demand at that time? b. Of tje mumber sold in 1916 was 577,036 cars, what was the elasticity of demand at that time?
Chapter1: Making Economics Decisions
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Problem 1QTC
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In early 20th century, cars like the Ford Model T started to be mass produced and sold to the public. Although they were still expensive and still a luxury item. The number sold increased throughout the 1910's, and the price dropped. The demand curve for the Model T at this time was about: Q= 2,616,00-8617p+9.427p^2-0.003422p^3
a. If the number sold in 1910 was 19,293 cars what was the
b. Of tje mumber sold in 1916 was 577,036 cars, what was the elasticity of demand at that time?
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