For the following demand equation compute the elasticity of demand and determine whether the demand is elastic, unitary, or inelastic at the indicated price. p = 141 − x2; p = 94 E(94)=?

A demand function is modeled by   x = a / pm   where a is a constant and m > 1.Show that ? = −m.  In other words, show that a 1% increase in price results in an m% decrease in the quantity demanded.

The demand for a car wash is  x = 600 − 20p,  where the current price is $5. Find the price elasticity of demand ? for this price. ? =

Suppose a gas station has the linear demand function D(p) = 1200 – 200p. According to this function, how many gallons of gas can the gas station owners expect to sell per month if the price is set at $4 per gallon?

A software entertainment company recently ran a holiday sale on its popular software program. Using data collected from the sale, it is possible to estimate the demand corresponding to various discounts in the price of the software. Assuming that the original price was $36, the demand for the software can be estimated by the function -2.504 q=3,742,000p the elasticity of demand. where p is the price and q is the demand. Calculate and interpret What formula should be used to compute the elasticity of demand, E, if q is demand at a price p? O A. E= P dp dq b. P dq q dp. O B. E= - C. E=p dq O D. E=q dp

Find the consumer's surplus for the following demand function at the given point. Find the consumers' surplus at a price level of P=/ for the price-demand equation p=D(x) = 25-0.4x. O a $4050 b. $405 $720 d. $29,250

The short-term demand for crude oil in Country A in 2008 can be approximated by -0.06 q=f(p) 2,308,419p where p represents the price of crude oil in dollars per barrel and q represents the per capita consumption of crude oil. Calculate and interpret the elasticity of demand when the price is $85 per barrel. The elasticity of demand for oil is. (Type an integer or a decimal.) What is the elasticity of demand for oil when the the price is $85 per barrel? (Type an integer or a decimal.) Interpret the elasticity of demand. Choose the correct answer below. OA. The demand is elastic, so as price increases, revenue decreases. OB. The demand is elastic, so as price increases, revenue increases. OC. The demand is inelastic, so as price increases, revenue decreases. O D. The demand is inelastic, so as price increases, revenue increases.

For the following demand equation compute the elasticity of demand and determine whether the demand is elastic, unitary, or inelastic at the indicated price. 0.5x + p - 20 = 0; p = 10 E(10) = ---Select--- V Enter a number. Need Freip? Watch It Talk to a Tutor Additional Materials еВook