1. Given the demand function P = 100 − Q Calculate the price elasticity of demand when the price is (a) 10 (b) 50 (c) 90 Is the demand inelastic, unit elastic or elastic at these prices?
1. Given the demand function P = 100 − Q Calculate the price elasticity of demand when the price is (a) 10 (b) 50 (c) 90 Is the demand inelastic, unit elastic or elastic at these prices?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter3: Demand Analysis
Section: Chapter Questions
Problem 6E
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1. Given the demand function P = 100 − Q Calculate the price elasticity of demand when the...
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1. Given the demand function
P = 100 − Q
Calculate the price elasticity of demand when the price is
(a) 10 (b) 50 (c) 90
Is the demand inelastic, unit elastic or elastic at these prices?
2. Given the demand equation
P = −Q2 − 10Q + 150
Find the price elasticity of demand when Q = 4. Estimate the percentage change in price needed to increase demand by 10%.
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