Question: If the demand function for a particular good is Q = 2 0 - 8 P then the price elasticity of demand ( in absolute

If the demand function for a particular good is Q =20-8P then the price elasticity of demand (in absolute value) at a price of $1 is 2.2/3; 1/8 none of the above.

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:

If the demand function for a particular good is Q = 20 8P, then the own price elasticity of demand at a price of 2 is: A. 4. B. 1/4. C. 2/3. D. 1/16. (NB. The above are all given as absolute values)...

Q:

The market demand function for a particular good is Q, = 25 - 0251' where Q, is the quantity demanded. The market supply function is Q; = 0.5P 5 where Q; is the quantity supplied. a) (2 points) What...

Q:

QUESTION 1 "Our marginal revenue is greater than our marginal cost at the current production level." This statement indicates that the firm: is maximizing profits. should increase the quantity...

Q:

Suppose that the individual demand functions for a particular good are Q d i = 20? 1 2 P for 6 people. Assume that these 6 people make up the entire market and act as price-takers. The marginal cost...

Q:

1. If f (x) = x3 - -x2 - 6x +5, find (a extreme value for f(x) . (4 marks) (b) increasing and decreasing interval for f (x). (6 marks) 2. A demand function for a particular good is p = 10 - -...

Q:

Please answer all parts! Question 10 (8 points) [8 marks] At a perfectly competitive market. the demand function for grapes is given by q = 67 0. 1p, where p is the price in dollars per crate and q...

Q:

If a demand function for a particular product is Q= 60- 3P, and the variable cost is $2 per unit. What is the price at which the profit will be maximized? Group of answer choices $12 $11.66 $12.66...

Q:

Indicate the types of variable (qualitative or quantitative), discrete or continuous and the level of measurement (nominal, ordinal, ratio, interval) for the following variables. to Type of cars...

Q:

The demand function for a particular good is Qx = 20 4Px. . At a price of $1, the quantity demand of good X is ______? . The own price elasticity of demand is ________ at a price of $1? . At a price...

Q:

The following table shows a portion of the demand schedule for a particular good at various levels of income. Price Quantity Quantity Demanded Demanded (Income = 30,000) (Income = 40,000) AED AED 300...

Q:

Outline the biosynthetic reactions by which the thiol ester of hexanoic acid is converted into the thiol ester of octanoic acid.

Q:

For the system given by the following transfer function: G(s) = 76.39 s(s+ 1.32) - Sketch root locus (analytically) - Design a compensator (forward or lag) such that it reduces overshoot by 4 times,...

Q:

HW 1 3 - 3 Preparing a classified balance sheet.The worksheet of Chance's Things contains the following revenue, cost, and expense accOunts. The merchandise inventoryamounted to $ 5 9 , 7 7 5 on...

Q:

6. Economics is the study of the efficient allocation of limited among the unlimited @ resources : wants O none of the answers is correct. wants ; resources O wants ; budget O budget ; wants