Answered: Suppose the demand for selling a…

Suppose the demand for selling a Nintendo Switch console at a price p is modeled by the function v8, F D(p) = V450 –p for 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose the demand for selling a Nintendo Switch console at a price p is modeled by the function
ri8,
D(p) = V450 -p for 0<p< 450.
(i) Find the price elasticity of the demand in terms of the price p.
kdinoq .) sog iis ()
(ii) Using your answer from (i), find the elasticity at p= 350 and p= 250. Is the demand inelastic or elastic
at these prices?

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