Price of Good X(Px)Quantity of Good X(Qx)Own Price ElasticityTotal Revenue01000.000590−0.11450A80−0.258001570−0.4310502060−0.6712002550C125030B−1.5012003530−2.3310504020−4.00D4510−9.00450500−∞0 The demand function in the accompanying table is QXd = 100 − 2PX. Based on this information, compute the own price elasticity of demand when PX = $25 (point C).

Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Answered: Price of Good X (Px) Quantity of Good X…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price of Good X (P_x)	Quantity of Good X (Q_x)	Own Price Elasticity	Total Revenue
0	100	0.00	0
5	90	−0.11	450
A	80	−0.25	800
15	70	−0.43	1050
20	60	−0.67	1200
25	50	C	1250
30	B	−1.50	1200
35	30	−2.33	1050
40	20	−4.00	D
45	10	−9.00	450
50	0	−∞	0

The demand function in the accompanying table is Q_X^d = 100 − 2P_X. Based on this information, compute the own price elasticity of demand when P_X = $25 (point C).

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