Question

Complete Part 1 and 2 below: Part 1: Suppose the market demand curve for a product...

Complete Part 1 and 2 below:

Part 1:

Suppose the market demand curve for a product is given by Q=800-10P. Which statement is true?

the demand for this product is unit-elastic when P=30

more than one of the other options

the price elasticity of demand for this product can be written as a function of P

the price elasticity of demand for this product is a constant

Part 2:

Suppose the market demand curve for a product is given by Q=800-10P. When is the demand inelastic?

Group of answer choices

when P=50

when P=60

when P=30

when P=40

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