Question: Suppose the demand function for a product is given by where p is in hundreds of dollars and q is the number of tons. (a)

Suppose the demand function for a product is given by

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?

5000 -q 2 q+1

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