Question

The equation for a demand curve is P=2/Q. What is the elasticity of demand as price...

The equation for a demand curve is P=2/Q. What is the elasticity of demand as price falls from 5 to 4? What is the elasticity of demand as the prices falls from 9 to 8? Would you expect the answers to be the same? Why/why not?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
. If the equation for a demand curve is P=45-3Q. What is the elasticity in moving...
. If the equation for a demand curve is P=45-3Q. What is the elasticity in moving from a quantity of 5 to a quantity of 6? 4. The equation for a demand curve is P=4/Q. What is the elasticity of demand as price falls from 5 to 4? 5. The equation for a supply curve is 2P=Q. What is the elasticity of supply as price rises from 3 to 4? 6. CenturyLink Field has 80,000 seats. What is the shape...
1.A demand function given by: Q = 240 ‒ 3P. What is the price elasticity of...
1.A demand function given by: Q = 240 ‒ 3P. What is the price elasticity of demand when the price is P = $10? You will have to use the point elasticity formula. The price elasticity of demand at this price is ___________ 2.Consider the same demand equation, Q = 240 ‒ 3P. If a firm sells at the unit elastic price on this demand curve, what is the total revenue it will receive? The total revenue received at this...
The demand curve is P=2-4Q. If we know that price elasticity e=1, what are P and...
The demand curve is P=2-4Q. If we know that price elasticity e=1, what are P and Q?
For the demand curve Q=50−P, what is the own-price elasticity of demand when P=16 2/3 (that...
For the demand curve Q=50−P, what is the own-price elasticity of demand when P=16 2/3 (that is, 50/3)? Is demand elastic, inelastic, or unit elastic at that point? a) -0.5, inelastic b) -1, unit elastic c) -0.5, elastic d) 33.3, inelastic e) 33.3, elastic
how do you draw the demand curve q=250-10p calculate the price elasticity of demand at prices...
how do you draw the demand curve q=250-10p calculate the price elasticity of demand at prices of $5, $10, and $15 to show how it changes as you move along this linear demand curve
Demand is rep as:  q= (100- p)^2 Determine the price elasticity of demand at $30 and explain...
Demand is rep as:  q= (100- p)^2 Determine the price elasticity of demand at $30 and explain what you think about setting the price at $30. Would you change the price to maximize revenue?
Discuss why you might use a constant elasticity demand curve to calculate consumer surplus changes from...
Discuss why you might use a constant elasticity demand curve to calculate consumer surplus changes from a project. If you are given an elasticity estimate of -0.5 and a point such as Q =2, P=$9. What is the equation for the demand function?
Suppose the demand curve for a product is given by the equation Qd = 30/P. Compute...
Suppose the demand curve for a product is given by the equation Qd = 30/P. Compute the quantities demanded at prices of $1, 2, 3, 4, 5, and 6. Graph the demand curve. Use the arc method to calculate the price elasticity of demand between $1 and $2, and between $5 and $6. How does this demand curve compare to the linear demand curve?
. What is the relationship between price elasticity and position on the demand curve? For example,...
. What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower quantities, what happens to the measured elasticity? How would you explain that?
Suppose that the demand equation: P = 6 – Q and supply equation: P = Q....
Suppose that the demand equation: P = 6 – Q and supply equation: P = Q. a. Calculate the price elasticity of demand at equilibrium. b. Calculate the equilibrium price and quantity, and consumer surplus and producer surplus. c. Suppose government imposes a unit tax of $1 on producers. Derive the new supply curve and also calculate the new equilibrium price and quantity. d. Calculate tax revenue and the deadweight loss of this tax.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT