Uver is a new car ride service in town. The market demand function for Uver rides...
Uver is a new car ride service in town. The market demand function for Uver rides is estimated to be q=136Xpu^-17
where pu is the price of an Uver ride. The absolute value of the price elasticity of demand for Uver rides is
Homework Answers
The absolute value of the price elasticity of demand for Uver rides is a fixed value at 17
This is found as
Ed = dq/dpu * pu/q
= -17*136Xpu^-18 * pu / 136Xpu^-17
= -17
In absolute terms this value is 17.
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