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(i) Find the price elasticity of demand for Lara's bats. (ii) Is demand inelastic or elastic?

(i) Find the price elasticity of demand for Lara's bats. (ii) Is demand inelastic or elastic?

Microeconomics
Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter6: Elasticity
Section: Chapter Questions
Problem 3QP: Prove that price elasticity of demand is not the same as the slope of a demand curve.
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(i) Find the price elasticity of demand for Lara's bats. (ii) Is demand inelastic or elastic?
Transcribed Image Text:(i) Find the price elasticity of demand for Lara's bats. (ii) Is demand inelastic or elastic?
(b) A poll commissioned by a politician estimates that t days after he makes a statement denegrating women, the percentage of his constituency (those who support him at the time he 75(t2 – 3t + 25) t2 + 3t + 25 made the statement) that still supports him is given by S(t) = - The election is 10 days after he made the statement. (i) If the derivative S'(t) may be thought of as an approval rate, derivate the a function for his approval rate. (ii) When was his support at its lowest level? (iii) What was his minimum support level? (iv) Was the approval rate positive or negative on the date of the election? (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve for the bast will be p = 250 -. If price elasticily is E(p) = dp bp When |E(p)| < 1, 4 demand is inelastic and when |E(p)| > 1, demand is elastic.
Transcribed Image Text:(b) A poll commissioned by a politician estimates that t days after he makes a statement denegrating women, the percentage of his constituency (those who support him at the time he 75(t2 – 3t + 25) t2 + 3t + 25 made the statement) that still supports him is given by S(t) = - The election is 10 days after he made the statement. (i) If the derivative S'(t) may be thought of as an approval rate, derivate the a function for his approval rate. (ii) When was his support at its lowest level? (iii) What was his minimum support level? (iv) Was the approval rate positive or negative on the date of the election? (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve for the bast will be p = 250 -. If price elasticily is E(p) = dp bp When |E(p)| < 1, 4 demand is inelastic and when |E(p)| > 1, demand is elastic.
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