Question

Determine own price elasticity of demand if inverse demand is 1)P=1/(3+X)^2
X=2/8+P
X=P^4/3

Answer 1

If P=1/(3+X)^2, then

$X = |1/P^{0.5}| - 3, Ed = -0.5×P/Q.$

If X=2/8+P, then Ed = P/Q.

If X=P^4/3, then Ed = 4/3P/Q.