Elasticity The demand for good X is given by: QDX = 200 10 PX. a. Calculate
Fantastic news! We've Found the answer you've been seeking!
Question:
Elasticity
The demand for good X is given by:
QDX = 200 ā 10 PX.
a. Calculate the price elasticity of demand when PX = $10.
b. At what price, if any, the demand is unitary elastic?
c. Calculate the price elasticity of demand when PX = $5.
d. According to your answer in ācā what will happen to total revenue as we raise the price?
e. Calculate the change in TR as PX ? from $5 to $8.
Related Book For
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
Posted Date: