Asked by pypski
                3.)	The demand equation for a certain product is
q=500-40p+p^2
 
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 = 15. If this price of 15 is increased by ½%, what is the approximate change in demand?
            
            
        q=500-40p+p^2
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 = 15. If this price of 15 is increased by ½%, what is the approximate change in demand?
Answers
                    Answered by
            pypski
            
    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 = 15. If this price of 15 is increased by 1/2%, what is the approximate change in demand? 
I don't know why it put an A there... sorry.
    
I don't know why it put an A there... sorry.
                    Answered by
            pypski
            
    So if I plug 15 into p. I get q(demand) = 125
Half of 15 is 7.5. Thus the price would be 22.5.. I think.
I replace p with 22.5 and I get q= 106.25
Q/P =8.33 for 15
Q/P = 4.722 for 22.5
Is the change in demand 3.608?
    
Half of 15 is 7.5. Thus the price would be 22.5.. I think.
I replace p with 22.5 and I get q= 106.25
Q/P =8.33 for 15
Q/P = 4.722 for 22.5
Is the change in demand 3.608?
                    Answered by
            Korang Omari Elizabeth
            
    Please i need answer
    
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