Question: 18. A demand function is modeled by X = pm where a is a constant and m > 1. Show that n - -m. In

18. A demand function is modeled by X = pm where a is a constant and m > 1. Show that n - -m. In other words, show that a 1% increase in price results in an m% decrease in the quantity demanded. STEP 1: Begin by differentiating the equation of x with respect to p. am dp pm + 1 dx ap = dx STEP 2: Find the price elasticity of demand. _pix dp/dx alp pm + 1 = =m Need Help? Read It Watch It

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