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Author Question: Suppose the log-linear demand for widgets is found to be Ln(Q) = 1.5 - 2ln(p) According to this ... (Read 12 times)

leo leo

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on: Jul 1, 2018
Suppose the log-linear demand for widgets is found to be
 
  Ln(Q) = 1.5 - 2ln(p)
  According to this equation, a 10 increase in price will decrease Q by what percentage? What is the price elasticity of demand?

Question 2

Diseconomies of scale can be caused by
 
  A) the law of diminishing returns.
  B) bureaucratic inefficiencies.
  C) increasing advertising and promotional costs.
  D) All of the above


Ahernandez18

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Reply #1 on: Jul 1, 2018
Answer to Question 1

20, E = -2.

Answer to Question 2

B


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