Question
Asked Mar 24, 2019
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Suppose that a price p and demand x are related through the price-demand equation

40p+x=5,000.

Calculate p such that

E(p)=1

where E(p) is the elasticity of demand. Give your answer as a decimal to one decimal place

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Expert Answer

Step 1

We have given,

Price-demand equation: 40p + x = 5000

We need to find elasticity of demand

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Step 2

So, we differentiate Price-demand equation with respect to x

We get,

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Step 3

Also, We can plug x = 5000 – 40p

Now, w...

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Calculus

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