Answer to Question #332660 in Calculus for Olga

Question

The demand for seats at a mini soccer match is given by

Q=150−P^2,

where Q is the number of seats and P is the price per seat. Find the price elasticity of demand if seats cost R4 each. What does this value mean?

a. εd=−0,24;inelastic since|εd|<1,a1%price increase will result in0,24%less seats to be sold

b. εd=0,24;elastic since|εd|>0,a1%price increase will result in0,24%more seats to be sold

c. εd=−16,75;elastic since|εd|>1,a1%price increase will result in16,75%less seats to be sold

d. εd=16,75;elastic since|εd|<1,a1%price increase will result in16,75%less seats to be sold