Consider the price-demand equation given by
As a first step, let's express demand "x" as a function of price "p"
p=8/5 − 1/2500x.
Hence, 1 / 2500x = 8/5 - p = (8 - 5p)/5
Hence, x = 5 / [2,500 x (8 - 5p)] = 1 / [500 x (8 - 5p)]
As a second step, we need to calculate the elasticity of demand with respect to price, i.e dx / dp. Please see the white board for the subsequent steps.
We need to find the value p for which the elasticity of demand i.e. dx / dp is undefined.
dx/dp will ...
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