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- A price elasticity of demand equal to 5 means:Suppose that the price per unit p as a function of the demanda is p = 478.8 -0.9x. (a) Calculate the price elasticity of demand when x = 132. n = -2.44, therefore the demand is elastic (b) Calculate the price elasticity of demand when x = 425. n = -0.202 therefore the demand is inelastic (c) Find the demand that gives unit elasticity. x = 266.0 ✓The demand function for a product is modeled by p = 400 − 2x, 0 ≤ x ≤ 200, where p is the price per unit (in dollars) and x is the number of units. Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.) Determine when the demand is of unit elasticity.
- The demand function for your product is: Q(P) = 1478-22P where P is price Assuming that P=$50 Calculate the point price elasticity of demand.The coefficient of price-elasticity of supply for a product is 2.5 ifThe price elasticity of demand for a product is unitary elastic. At a price of $30, 100 units of the product are sold. If the price is increased to $50, then one would expect sales to equal: Group of answer choices 120 80 150 100 60
- When the price of oil was $95 per barrel, in the country of Wherever, 21,000 barrels of oil were produced per day. The elasticity of supply for oil producers in Wherever has been estimated to be 0.075. After a price change, Wherever's production increased to 21,750 barrels per day. Estimate the new price of oil.For each of the following price elasticity of demand coefficients, calculate the percentage change in the quantity demanded if the associated price increase is 10%. (a) Ed=0.2 Ed=1.6The price elasticity of demand for product A is 0.5, and the percentage change in quantity demanded is 1.2. What is the percentage change in price? Round up your answer to 1 (one) decimal place e.g 2.28 = 2.3; Do not include the % sign)