Explanation Given information: A demand equation is given by q = k p r . Calculation: Consider the given demand equation. q = k p r . Differentiate the above function with respect to p. d d p ( q ) = d d p ( k p r ) = k ( − r ) p r + 1 = − k r p r + 1 The formula to calculate elasticity is given by, E = | p q

Applied Calculus, 6e WileyPLUS + Loose-leaf

6th Edition

ISBN: 9781119408901

Author: Deborah Hughes-Hallett, Andrew M. Gleason, Patti Frazer Lock, Daniel E. Flath

Publisher: Wiley (WileyPLUS Products)

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Chapter 4.6, Problem 22P

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A demand equation q=kpr where ris a positive constant, gives constant elasticity E=r.

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Chapter 4.6, Problem 21P

Chapter 4.6, Problem 23P

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Applied Calculus, 6e WileyPLUS + Loose-leaf

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A demand equation q = k p r where ris a positive constant, gives constant elasticity E = r .

Solution Summary: The author explains the formula to calculate elasticity is given by q=kpr where ris a positive constant.

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A demand equation q=kpr where ris a positive constant, gives constant elasticity E=r.

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Chapter 4 Solutions

A demand equation q = k p r where ris a positive constant, gives constant elasticity E = r .

Solution Summary: The author explains the formula to calculate elasticity is given by q=kpr where ris a positive constant.

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To show: A demand equation q=kpr where ris a positive constant, gives constant elasticity E=r.

Want to see the full answer?

Chapter 4 Solutions

To show:

A demand equation q=kpr where ris a positive constant, gives constant elasticity E=r.