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The Johnson Robot Company’s marketing managers estimate that the demandcurve for the company’s robots in 2008 isP = 3,000 - 40Qwhere P is the price of a robot and Q is the number sold per month. At what prices is the demand for the firm’s product price elastic?  a.$1500 b.Greater than $1500 c.Less than $1500 d.$1000

Question

The Johnson Robot Company’s marketing managers estimate that the demand

curve for the company’s robots in 2008 is

= 3,000 - 40Q

where is the price of a robot and is the number sold per month.

 

At what prices is the demand for the firm’s product price elastic?

 

  a.

$1500

  b.

Greater than $1500

  c.

Less than $1500

  d.

$1000

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