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1. Alex finds that the demand for their lemonade is given by x = 2/p where p is price per cup and x is cups sold. (a) Find the elasticity of demand. (b) What is the elasticity of demand when P = 1? (c) Give an interpretation of the elasticity when p = 1. In particular, if the price by 1%, what happens to the demand? you increase

1. Alex finds that the demand for their lemonade is given by x = 2/p where p is price per cup and x is cups sold. (a) Find the elasticity of demand. (b) What is the elasticity of demand when P = 1? (c) Give an interpretation of the elasticity when p = 1. In particular, if the price by 1%, what happens to the demand? you increase

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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1. Alex finds that the demand for their lemonade is given by x = 2/p where p is price per cup and x is cups sold. (a) Find the elasticity of demand. (b) What is the elasticity of demand when P = 1? (c) Give an interpretation of the elasticity when p = 1. In particular, if the price by 1%, what happens to the demand? you increase
Transcribed Image Text:1. Alex finds that the demand for their lemonade is given by x = 2/p where p is price per cup and x is cups sold. (a) Find the elasticity of demand. (b) What is the elasticity of demand when P = 1? (c) Give an interpretation of the elasticity when p = 1. In particular, if the price by 1%, what happens to the demand? you increase
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