11. The relationship between price and quantity demanded for a product is given as: P=300- Q 2000 (i) Determine the price elasticity of demand at P = 100 and at P = 150 (ii) How does the point price elasticity of demand vary with the price?

11. The relationship between price and quantity demanded for a product is given as: P=300- Q 2000 (i) Determine the price elasticity of demand at P = 100 and at P = 150 (ii) How does the point price elasticity of demand vary with the price?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Plz solve this Attached question sir ......plz

11.
The relationship between price and quantity demanded for a product is given as:
Q
P= 300-
2000
(i) Determine the price elasticity of demand at P = ? 100 and at P= ?150
(ii) How does the point price elasticity of demand vary with the price?
12.
The demand function for a product is given as
P= 500
1000
(i) What is the arc elasticity of demand as price increases from {100 to 120?
(ii) What is the arc elasticity of demand as price decreases form {120 to ? 100?

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