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Answer to Question #73534 in Macroeconomics for Zulfiqar Ali
Question #73534
Q: Given the demand equation, Q = 12,000 - 10P2.
a. For this equation, write the expression for the point price elasticity of demand as a function of P
b. over what range of prices is the demand inelastic ?
a. For this equation, write the expression for the point price elasticity of demand as a function of P
b. over what range of prices is the demand inelastic ?
Expert's answer
a) EpD = -10*P2/Q = -10 * P2*/(1200-10*P2)= P2/(P2-120)
b) Demand is inelastic when price is (0;60).
b) Demand is inelastic when price is (0;60).
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