An equation relating demand q and price p is given. Compute the elasticity of demand for the given price. (Round your answer to two decimal places.) 1.25p + q = 870, p = 265 Is the demand elastic or inelastic? O The demand is elastic. O The demand is inelastic.

An equation relating demand q and price p is given. Compute the elasticity of demand for the given price. (Round your answer to two decimal places.) 1.25p + q = 870, p = 265 Is the demand elastic or inelastic? O The demand is elastic. O The demand is inelastic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An equation relating demand q and price p is given. Compute the elasticity of demand for the given price. (Round your
answer to two decimal places.)
1.25p + q = 870,
p = 265
Is the demand elastic or inelastic?
The demand is elastic.
The demand is inelastic.

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