Answer to Question #210589 in Math for Paballo

Question

If the demand fun

tion is

P = Q

2 − 7Q − 8,

where P and Q are the pri

e and quantity respe

tively, determine the point pri

e elasti

ity of demand

(rounded to three de

imal pla

es) if P = 51. Is demand elasti

 or inelasti

 at this pri

e?

[1℄ ed = −0.075; inelasti

[2℄ ed = −0.530; elasti

[3℄ ed = 1.300; elasti

[4℄ ed = −0.255; inelasti

Answer 1

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