Suppose the demand function for a product is given by where p is in hundreds of dollars
Question:
where p is in hundreds of dollars and q is the number of tons.
(a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is $371?
(b) Is the demand elastic or inelastic?
Transcribed Image Text:
5000 -q 2 q+1
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Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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