Question #90631

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

X=2/8+P

X=P^4/3

X=2/8+P

X=P^4/3

Expert's answer

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

"X = |1\/P^{0.5}| - 3, Ed = -0.5\u00d7P\/Q."

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

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

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