Given the price-demand equation p + 0.01x = 50 (A) Express the demand A as a function
Question:
p + 0.01x = 50
(A) Express the demand A as a function of the price p.
(B) Find the elasticity of demand, E(p).
(C) What is the elasticity of demand when p = $10? If this price is decreased by 5%, what is the approximate change in demand?
(D) What is the elasticity of demand when p = $45? If this price is decreased by 5%, what is the approximate change in demand?
(E) What is the elasticity of demand when p = $25? If this price is decreased by 5%, what is the approximate change in demand?
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p 001x 50 A 001x 50 p x 50001 1001p 5000 ...View the full answer
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Related Book For 
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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