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?

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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?
Transcribed Image Text: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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