   Chapter 11.5, Problem 1CP ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

#### Solutions

Chapter
Section ### Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

# Write the formula for point elasticity, η .

To determine

The formula for the point elasticity or η.

Explanation

Given Information:

The symbol for the point elasticity η.

Explanation:

The law of demand that the consumers will respond to changes in price; if prices increase, the quantities demanded will decrease. The degree of responsiveness of the consumers to price changes will vary widely for different products.

When the response to price changes is considerable, we say that the demand is elastic.

When the price changes cause relatively small changes in demand for a product, the demand is said to be inelastic for that product.

The measure of the elasticity of demand is as follows:

If p=f(q) is the demand for the q units and price p, then at the points (qA,pA), then,

Elasticity of demand function is given by:

η=pq

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