Determine each of the following using the price-demand equation, x= f(p)=50-0.5p² for 0≤x≤50 and 0≤p ≤ 10. Show work. or explain your answer. a. Find the equation for elasticity for de mand, E(p)

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6. Determine each of the following using
the price demand equation,
x= f(p) = 50 -0.5p² for 0≤x≤ 50 and 0≤p ≤ 10. Show work.
or explain your answer.
a. Find the equation for elasticity for de mand, E(p).
Transcribed Image Text:6. Determine each of the following using the price demand equation, x= f(p) = 50 -0.5p² for 0≤x≤ 50 and 0≤p ≤ 10. Show work. or explain your answer. a. Find the equation for elasticity for de mand, E(p).
b. Use
answer
your
from part (a) to determine whether demand
is elastic, inelastic or has unit elasticity at a unit price of
final answer
P= $4. Circle
your
Transcribed Image Text:b. Use answer your from part (a) to determine whether demand is elastic, inelastic or has unit elasticity at a unit price of final answer P= $4. Circle your
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