Answer the following questions for the price-demand equation. p+0.002x = 40 (A) Express the demand x as a function of the price p. x = 20000 – 50p The domain of this function is p>0. (Type an inequality or a compound inequality.) (B) Find the elasticity of demand, E(p). - 50p E(p) = 20000 – 50p (C) What is the elasticity of demand when p = 20? The elasticity of demand when p = 20 is 0.0526 (Type an integer or a simplified fraction.) If the price is increased by 20%, what is the approximate change in demand? The demand approximately %.

Answer the following questions for the price-demand equation. p+0.002x = 40 (A) Express the demand x as a function of the price p. x = 20000 – 50p The domain of this function is p>0. (Type an inequality or a compound inequality.) (B) Find the elasticity of demand, E(p). - 50p E(p) = 20000 – 50p (C) What is the elasticity of demand when p = 20? The elasticity of demand when p = 20 is 0.0526 (Type an integer or a simplified fraction.) If the price is increased by 20%, what is the approximate change in demand? The demand approximately %.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 13E: Using the following equation for the demand for a good or service, calculate the price elasticity of...

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