Question: The demand for yams is given by q = 5000 10p 2 , where q is in pounds of yams and p is the

The demand for yams is given by q = 5000 − 10p², where q is in pounds of yams and p is the price of a pound of yams.
(a) If the current price of yams is $2 per pound, how many pounds will be sold?
(b) Is the demand at $2 elastic or inelastic? Is it more accurate to say “People want yams and will buy them no matter what the price” or “Yams are a luxury item and people will stop buying them if the price gets too high”?

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a If the price of yams is 2pound the quantity sold will be q 5000 102 2 5... View full answer

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