Question

If a price-demand equation is solved for p, then price is expressed as p=g(x) and x becomes the independent variable. In this case, it can be shown that the elasticity of demand is given by E(x)= -g(x)/xg'(x) . Use the given price-demand equation to find the values of x for which demand is elastic and for which demand is inelastic. p=g(x)=9000-0.1x^2

Answer #1

Given the price – demand equation
P + 0.01x = 50
Express the demand x as a function of the price p
Find the elasticity of demand E(p)
What Is the elasticity of demand where p = $10? If this price
is decreased by 5%, what is the approximate change in demand? Will
the revenue increase or decrease?
What is the elasticity of demand when p = $45? If this price is
decreased by 5%, what is the approximate change...

Assume that the price and the demand are both positive. Use the
price-demand equation,
x= f(p)= √(1600-2p^2)
to find the values of p for which demand is elastic and the values
for which demand is
inelastic.

Use the price-demand equation below to determine whether demand
is elastic, is inelastic, or has unit elasticity at the indicated
values of p.
x=f(p)=640 − 2p −0.1p^2
(A)
p=60
(B)
p=15
(C)
=40

Suppose that the inverse demand curve for a well-known sports
car can be expressed as P = 100,000 – 2Q2, where price
(P) is in pound sterling and quantity (Q) is in number of cars.
A.) What is the price elasticity of demand at a quantity of
100?
B.) Is the demand for these sports cars elastic or
inelastic?

For the following demand equation compute the elasticity of
demand and determine whether the demand is elastic, unitary, or
inelastic at the indicated price.
x =
−
7
4
p + 17; p = 6
E(6) =
the demand is?

The demand for a particular commodity when sold at a price of p
dollars is given by the function D(p) = 4000e −0.02p .
(a) Find the price elasticity of demand function and determine
the values of p for which the demand is elastic, inelastic, and of
unitary elasticity.
(b) If the price is increased by 3% from $12, what is the
approximate effect on demand?
(c) Find the revenue R(p) obtained by selling q units at p
dollars per...

Demand in the market for some good is given by the following
equation:
P=4
Suppose Q=5
Price elasticity of demand in this market is:
A) relatively inelastic
B) perfectly inelastic
C) relatively elastic
D) perfectly elastic

10. Given the price-demand equation: ? = ???? − ??
a) Find the elasticity of demand, ?(?). ?(?) =
_____________________________________________________________________
b) For which values of ? is the demand elastic? State solution
in interval notation.
Solution:
_________________________________________________________________
c) What is the elasticity of demand when ? = $80? If this price
is increased by 10%, what is the approximate change in demand?
(State if demand increased or decreased.)
Solution:
_____________________________________________________________

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

The demand for a product is D(x)=75-0.3x where x is the price in
dollars.
At a price of $100, what is the elasticity of demand and explain
whether it is elastic or inelastic?
Determine the prices for which the demand is elastic?
Find the maximum revenue?

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 33 minutes ago

asked 36 minutes ago

asked 51 minutes ago

asked 54 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 2 hours ago

asked 2 hours ago

asked 2 hours ago