Question: given the demand function asP=30000.4Q P=3000 - 0.4Q a) determine the coefficient of point elasticity of demand when i) p=1800ii)p=1500 b) if the price increase

given the demand function asP=30000.4Q

P=3000 - 0.4Q

a) determine the coefficient of point elasticity of demand when

i) p=1800ii)p=1500

b) if the price increase by 15%, calculate the percentage change at

i) p=1800ii) p=1500

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

1. You just got hired by McKinsey & Company as a financial consultant and they're paying you an egregious amount of money. Accordingly, they have you working on the tough projects - like this one......

Q:

given the demand function asP=30000.4Q P=3000 - 0.4Q a) determine the coefficient of point elasticity of demand when i) p=1800ii)p=1500 b) if the price increase by 15%, calculate the percentage...

Q:

Attempt all the questions below 1 > Jermaine likes to eat ramen noodles. When his income rose last year by 10%, his consumption of ramen noodles fell by 5%. Therefore, the income elasticity of demand...

Q:

Attempt all the questions. > Jermaine likes to eat ramen noodles. When his income rose last year by 10%, his consumption of ramen noodles fell by 5%. Therefore, the income elasticity of demand is...

Q:

I need feedback please (answer per question state) 44) An investor has invested $1,000,000 in a company which has produced an accounting profit of $250,000 for the year. If the average return in this...

Q:

I expect feedback please thankyou. 44) An investor has invested $1,000,000 in a company which has produced an accounting profit of $250,000 for the year. If the average return in this industry is...

Q:

Reed these three chapters. Chapter 1, 8, and 9. Wryte a 2-3 paragrafff summary on each chapter. Be sure to label each chapter summary. play.google.com @ 5 + (107) Relaxing Music For Stress Relief,...

Q:

please take your time. thasnk you in advance w there only 2 tasks Task 2. Theme: "Production cost". Fixed costs of the enterprise - 45 Ls. Table: production amount data, average variable costs....

Q:

I. Which of the following is correct? a) The pivot of the budget line shows the substitution effect while a slope gives the income effect. b) The pivot of the budget line shows the substitution...

Q:

Demand and Supply Discussion Question: Applications-Ubereconomics Please read the article below and respond to the follow-up question: Why Uber Is an Economist's Dream Does 'surge pricing'...

Q:

.detailed answers only! True/False (1 point each) 1. A laissez faire economy will always result in economic efficiency. 2. Business sell to households in the resource markets, but households sell to...

Q:

ADJUSTING NET INCOME FOR NONCASH EXPENSES After adjusting net income for changes in current assets and current liabilities, Penguin Tuxedos cash from operating activities is $40,000. However, Penguin...

Q:

1. Explain why voter turnouts are generally low. 2. Explain the idea of rational ignorance.

Q:

Which reporting options do auditors have if the client's financial statements are not presented ac Multiple Choice Unmodified opinion or disclaimer of opinion. Qualified opinion or disclaimer of...

Q:

Total number of hours is 2,000 Total number of employees 20 Total inputs is $50,000 Total number of documents processed 2,000 Total number of claims processed during the year 10,000 Total outputs is...

Q:

Subordinated debts are risk capital term debt whereby investors accept a higher level of risk compared to conventional sources. True False

Q:

Funds generated by a business can be secured by increasing the level of working capital accounts such as inventories and trade receivables. True False

Q:

You are a human resource professional at a large retail chain working to standardize the companys design for interviewing by insuring that all interviewees for a specific job answer the same...

Q:

Write a program to wish happy birthday to a student. Firstly, take today month and day as an input and secondly take birthday as an input in the form of month and day. If the input day and month...

Q:

2. To store it and

Q:

3. Give three examples from your own everyday life where a piece of communi-cation is structured into a linear sequence, i.e. B is the cause of A.

Q:

2. What information is conveyed through a particular type of metaphor? The answer to the question gives us insight into what code the person using the metaphor uses, and thus an insight into how...