The demand equation for a product is q = 550-50p + p? where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p= 16. If this price of 16 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p 16 is n=. (Simplify your answer.)

The demand equation for a product is q = 550-50p + p? where p is the price per unit (in dollars) and q is the quantity of units demanded (in thousands). Find the point elasticity of demand when p= 16. If this price of 16 is increased by 1%, what is the approximate change in demand? The point elasticity of the demand equation for p 16 is n=. (Simplify your answer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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