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Suppose P=2/(Q-4). Find the elasticity of demand at P=10. Round your answers to the nearest 10000th...

Suppose P=2/(Q-4). Find the elasticity of demand at P=10. Round your answers to the nearest 10000th decimal points. For example, 0.1234.

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Homework Answers

Answer #1

Given,

When P = 10,

Q = (2/10) + 4 = 4.2

Differentiating Q wrt P we get

Elasticity of demand can be measured using the following formula

Elasticity of demand = - 0.0467 (Inelastic).

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