Asked Mar 22, 2019

Consider the price-demand equation given by

p=8/5 − 1/2,500x.

Compute E(1), where E is the elasticity of demand. Give your answer to two decimal places


Expert Answer

Step 1

p=8/5 − 1/2,500x

To avoid any confusion due to notation and fraction, please see the white board for subsequent steps.

Step 2

Now, p = 1, hence x = 4,000 - 2,500 x 1 = 1,500

Hence, E(p = 1) = E(x = 1,500...

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