Suppose the demand for a product is given by D(p) = -2p+ 167. A) Calculate the elasticity of demand at a price of $61. Elasticity = (Round to three decimal places.) B) At what price do you have unit elasticity? (Round your answer to the nearest penny.) Price = $

Suppose the demand for a product is given by D(p) = -2p+ 167. A) Calculate the elasticity of demand at a price of $61. Elasticity = (Round to three decimal places.) B) At what price do you have unit elasticity? (Round your answer to the nearest penny.) Price = $

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 5P

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Question

Suppose the demand for a product is given by D(p) = -2p+ 167.
A) Calculate the elasticity of demand at a price of $61.
Elasticity =
(Round to three decimal places.)
B) At what price do you have unit elasticity? (Round your answer to the nearest penny.)
Price = $

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