Here are some drills on price elasticities. For each demand function, find an expression for the price
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Here are some drills on price elasticities. For each demand function, find an expression for the price elasticity of demand. The answer will typically be a function of the price,p. As an example, consider the linear demand curve, D (p) = 30 − 6p. Then dD(p)/dp = −6 and p/q = p/(30−6p), so the price elasticity of demand is −6p/(30 − 6p).
(a) D(p) = 60 − p.
(b) D(p) = a − bp.
(c) D(p) = 40p-2.
(d) D(p) = Ap−b.
(e) D(p) = (p + 3)− 2.
(f) D(p) = (p+a)−b
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