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Suppose the demand function for a product is given by - p = —— In(5,000 = a) where p is in hundreds of dollars and g is the number of tons. (a) What is the elasticity of demand when the quantity demanded is 3 tons and the price is $238? (Round your answer to one decimal place.) (b) Is the demand elastic or inelastic? O inelastic O elastic

Suppose the demand function for a product is given by - p = —— In(5,000 = a) where p is in hundreds of dollars and g is the number of tons. (a) What is the elasticity of demand when the quantity demanded is 3 tons and the price is $238? (Round your answer to one decimal place.) (b) Is the demand elastic or inelastic? O inelastic O elastic

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Suppose the demand function for a product is given by 0 = -— -In ( 5,000 - a) q+1 where p is in hundreds of dollars and g is the number of tons. (a) What is the elasticity of demand when the quantity demanded is 3 tons and the price is $238? (Round your answer to one decimal place.) (b) Is the demand elastic or inelastic? O inelastic O elastic
Transcribed Image Text:Suppose the demand function for a product is given by 0 = -— -In ( 5,000 - a) q+1 where p is in hundreds of dollars and g is the number of tons. (a) What is the elasticity of demand when the quantity demanded is 3 tons and the price is $238? (Round your answer to one decimal place.) (b) Is the demand elastic or inelastic? O inelastic O elastic
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