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Please help me with this question! 1. Consider the following demand equation: Qd = 94 - 3P Using the point elasticity fo...

Please help me with this question!

1. Consider the following demand equation:

Qd = 94 - 3P

Using the point elasticity formula, find the price elasticity of demand at a price of P = 17. Your answer will likely be a decimal. Round it to the nearest 2 places.

The price elasticity of demand is _____________.

2. Lemmy is eating chocolate bars. The first bar gives him a marginal utility of 25 utils. The second bar gives him a marginal utility of 15 utils. His total utility after eating 3 bars was 48 utils. The marginal utility of the third chocolate bar was __________ utils.

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Answer #1

1 price elashcity of derraad (PED) in differential equation is given by PED dllox f here Do $17 PED d (gy 32 y. 94-3P = – 3 xforce) 1 Marggral utility - charge in total utility Chorgen quantity - quis measured in stils. Now, Mu for 3rd bor a To for 3

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