Question suppose the demand function for a product is given, Ask an Expert

Economics

Question: Suppose the demand function for a product is given by

p = (1/2)ln ((5000 - q)/(q + 1))

where p is in hundreds of dollars and q is the number of tons.

(a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is $371?

(b) Is the demand elastic or inelastic?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92607180

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