Suppose that the demand function for good Y is given as a linear function: Qd(P)=120-2P. where P

Question:

Suppose that the demand function for good Y is given as a linear function: Qd(P)=120-2P. where P is the price of good Y. Find the price at which price elasticity of demand for Y is -1.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Precalculus

ISBN: 978-0321716835

9th edition

Authors: Michael Sullivan

See More Books

Question Posted: Mar 01, 2017 01:20 PM

See More Questions

The demand function for drangles is q(p) = (p + 1)2. (a) What is the price elasticity of demand at price p? 2p/(p+1). (b) At what price is the price elasticity of demand for drangles equal to 1? (c)...
The sale of rhinoceros horns is not prohibited because of concern about the wicked pleasures of aphrodisiac imbibers, but because the supply activity is bad for rhinoceroses. Similarly, the...
Suppose that the demand function for Japanese cars in the United States is such that annual sales of cars (in thousands of cars) will be 2502P, where P is the price of Japanese cars in thousands of...
In the Walton Bookstore example with a discrete demand distribution, explain why an order quantity other than one of the possible demands cannot maximize the expected profit.
Following is a bank reconciliation for Fez's Sandwich Shop for May 31, 2010. Because of limited funds, Fez's employed only one accountant who was responsible for receiving cash, recording receipts...
Use the rules for derivatives to find the derivative of each function defined as follows. y = -7x 2 e -3x
On Mollier chart, the constant pressure lines: (a) Diverge from left to right (b) Diverge from right to left (c) First, rise up and then fall (d) None of these
Jacqueline Ponce de Leon, a descendent of Juan Ponce de Leon, made a cash contribution of $1,500,000 to the City of Fountains to create and maintain a large dramatic fountain in front of City Hall in...
In a wheel of a bike, there are six spokes. If tensile forces in consecutive four spokes are 10N, 14N, 12N, and 5N respectively. Calculate the tensile forces in remaining two spokes. The wheel is in...
A thermocouple, with a spherical junction diameter of 0.5 mm, is used for measuring the temperature of hot air flow in a circular duct. The convection heat transfer coefficient of the air flow can be...
In most developing countries, the empirical studies show that there is extreme inequality in the distribution of education. A small section of the population is very highly educated and the majority...
One problem with CPI as an index of cost of living faced by U.S. households is that it does not include the values of imported goods consumed by the U.S. households.
What is the internal resistance of a 12.0-V car battery whose terminal voltage drops to 8.4V when the starter draws 75A what is the resistance of the starter?
Two DEA agents walked into DrugCo Pharmacy and presented the pharmacist on duty with an AIW. The pharmacist informed the agents that she did not have the authority to allow them to search because the...
Shortly after you hire Jeff Jones as your new pharmacy intern, Jeff notices your pharmacist license on the wall as well as the pharmacy license. Jeff asks you what was required for you to become a...
Jeff Jones is a new pharmacy student at the state college located in your town. You (as pharmacist in charge) hire Jeff to be a pharmacy intern. While filling out his intern papers, Jeff notices that...
In this case, the issue was similar to that of the Virginia case previously discussed, but the facts and arguments were sufficiently different to produce a different result. This case reports a...
Mrs. Smith, a long time patient at your pharmacy, went on vacation to another country. While on her vacation, she realized she forgot her overthe-counter pain medication and visited a pharmacy to...
How many bytes are used to store a character in PHP?
Akramin just graduated with a Master of Engineering in Manufacturing Engineering and landed a new job in Melaka with a starting salary of RM 4,000 per month. There are a number of things that he...
A spherical cryosurgical probe may be imbedded in diseased tissue for the purpose of freezing, and thereby destroying, the tissue. Consider a probe of 3-mm diameter whose surface is maintained at -...
A spherical vessel used as a reactor for producing pharmaceuticals has a 10-mm-thick stainless steel wall (k = 17 W/m K) and an inner diameter of I m. The exterior surface of the vessel is exposed...
The wall of a spherical tank of 1-m diameter contains an exothermic chemical reaction and is at 200C when the ambient air temperature is 25C. What thickness of urethane foam is required to reduce the...
If football matches were shortened form 90 minutes to 45 minutes, would you expect more uncertainty of outcome or less? Refer to any sports economic theories.
The Canadian Restaurant Association states that the restaurant industry has an economic effect of more than $1.7 trillion annually, with every dollar spent in restaurants generating an estimated...
O O A Dundas Company's inventory records for its retail division show the following at May 31: (Click the icon to view the accounting records.) At May 31, 10 of these units are on hand. Dundas...

Suppose that the demand function for good Y is given as a linear function: Qd(P)=120-2P. where P

Question:

Step by Step Answer:

Price elasticity ...View the full answer

Precalculus

Students also viewed these Cost Accounting questions