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