(Answered) 5 the linear demand function for a product is given by q

Economics

5. The linear demand function for a product is given by:

Q P = − 50 5

Where Q is quantity demand and P is price of the product

a. Calculate the slope of the demand curve (i.e. the marginal demand)

b. Substituting this value into the price elasticity of demand formula we obtain ∈=

c. From this formula derive the price elasticity of demand at P = 10, P = 5 and P = 0.

At P = 10:

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