Compute the point price elasticity of demand when price is, Ask an Expert

Economics

The demand curve is: Qd = 500 - 1/2 P.

a. Calculate the (point) price elasticity of demand when price is $100. Is demand elastic or inelastic?

b. Calculate the (point) price elasticity of demand when price is $700. Is demand elastic or inelastic?

c. Find the point at which point elasticity is equal to -1.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9282071

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