Lara offers 100 autograph bats. If each is priced at p dollars, it is that demand curve for the bats will p = 250 - q/4. If price elasticity is E (p) = dp/q ÷ dp/p. When |E (p)| < 1, demand is inelasticity and when |E (p)| > 1, demand is elastic. 1. Find the price of elasticity of demand for Lara's bats. 2. Is demand inelastic or elastic?
Lara offers 100 autograph bats. If each is priced at p dollars, it is that demand curve for the bats will p = 250 - q/4. If price elasticity is E (p) = dp/q ÷ dp/p. When |E (p)| < 1, demand is inelasticity and when |E (p)| > 1, demand is elastic. 1. Find the price of elasticity of demand for Lara's bats. 2. Is demand inelastic or elastic?
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter20: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 7CQ
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Lara offers 100 autograph bats. If each is priced at p dollars, it is that demand curve for the bats will p = 250 - q/4. If price elasticity is E (p) = dp/q ÷ dp/p. When |E (p)| < 1, demand is inelasticity and when |E (p)| > 1, demand is elastic.
1. Find the price of
2. Is demand inelastic or elastic?
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