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Answer to Question #73532 in Economics of Enterprise for Zulfiqar Ali
Question #73532
The demand equation for a product is given by
P=30-0.1q2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic
P=30-0.1q2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic
Expert's answer
P’ = -0.2q
dQ/dP = -1/0.2q
(a) E = (dQ/dP)*(P/Q)
p/0.2q^2 = 0
p=0 or Q = 0.
(b) E = (dQ/dP)*(P/Q) = 1
p/0.2q^2 = 1
p = 0.2q^2
For example:
p = 20. Q = 10
dQ/dP = -1/0.2q
(a) E = (dQ/dP)*(P/Q)
p/0.2q^2 = 0
p=0 or Q = 0.
(b) E = (dQ/dP)*(P/Q) = 1
p/0.2q^2 = 1
p = 0.2q^2
For example:
p = 20. Q = 10
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p =30 - 0.1q2 a. write an equation for the point elasticity as a function of quantity? b. At what price is demand unitary elastic?
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Nice way Nice Answer very early
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