Question: Do you know how to solve this problem? Details below Thank you so much for all your help! 8. Elasticity. The price along the West

Do you know how to solve this problem? Details below

Thank you so much for all your help!

8. Elasticity. The price along the West Coast of the United States for Japanese spruce logs (in dollars per cubic meter) based on the demand (in thousands of cubic meters per day) has been approximated by p = 0.604q2 - 20.16q + 263.067. (a) Find the elasticity when the demand is 11 thousand cubic meters a day. (Hint: To find da/dp when p is expressed in terms of q, you may use the fact that dq 1 dp dp/dq (b) Is the demand for spruce logs elastic or inelastic? (c) What happens to the elasticity as q approaches 16.6887 ~ 20.16 2*0.604

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