Demand is given by Q(p) = 530-2p. What is the price elasticity of demand when p=100? p=200? Please show work
Answer
Price elasticity of demand =(dQ/dP)*(P/Q)
dQ/dP=-2 .......... the first differentiation of the demand curve concerning P by power rule.
P=100
Q=530-2*100=330
elasticty =(-2)*(100/330)=-0.606060606=-0.61
the demand is inelastic as the elastcity is above -1.
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P=200
Q=530-2*200=130
Elastcity =(-2)*(200/130)=-3.07692308=-3.08
the demand is elastic as the elastcity is below -1.
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