The inverse demand function for grapes is described by the equation p=518 - 5q, where p is the price in dollars per crate and q is the number of crates of grapes demanded per week. When p $40 per crate, what is the price elasticity of demand for grapes? %3D %3D

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A: Since you have posted a question with multiple subparts, we will solve the first 3. To get the…

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A: Elasticity of demand depicts how much consumer responds with the change in the price level.

Q: what is the price elasticity of demand given P=4 and Q=1500-P2.

A:

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A: We will answer only the first question.

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