Question: The price - demand equation is given by x + p = 6 0 0 0 0 . a . Write demand as a function

The price-demand equation is given by x+p=60000.
a. Write demand as a function of price.
f(p)=
b. Find the elasticity of demand at a price of $20,000 rounded to 2 decimal places.
c. If the price increases 3% from a price of $20,000, what is the approximate (percentage) decrease in
demand? Round to 2 decimal places.
% decrease
The price - demand equation is given by x + p = 6

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 Mathematics Questions!