Question: Suppose that the demand equation for a certain commodity is q = 60 0.1p (for 0 p 600). a. Express the elasticity

Suppose that the demand equation for a certain commodity is q = 60 − 0.1p (for 0 ≤ p ≤ 600).

a. Express the elasticity of demand as a function of p.

b. Calculate the elasticity of demand when the price is p = 200. Interpret your answer.

c. At what price is the elasticity of demand equal to 1?

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