If the demand function for a product is given by p=4400/q+3 ; find the elasticity for...
If the demand function for a product is given by p=4400/q+3 ; find the elasticity for this demand function when p = $220. Round your answer off to 2 decimal places. Elasticity = E =
Homework Answers
Elasticity = Percentage change in quantity demanded / Percentage change in price
Q1, when price = 1
1 = 4400 / q + 3
q + 3 = 4400 / 1
q = 4400 -3
q = 4397
Q2, when price = 220
220 = 4400 / q+3
q+3 = 4400 / 220
q = 20 - 3
q = 17
Q2 = 17
P1 = 1
P2 = $220
Q1 = 4397
Q2 = 17
Elasticity = Q2 - Q1 / Q1 * P1 / P2 - P1
= 17 - 4397 / 4397 * 1 / 220 - 1
= -4380 / 4397 * 1 / 219
= .997 * .005
= .005
Elasticity = .005
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