Chapter 11.5, Problem 1CP

BuyFind*arrow_forward*

11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

Write the formula for point elasticity,

To determine

The formula for the point elasticity or

Explanation

**Given Information:**

The symbol for the point elasticity

**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

Elasticity of demand function is given by:

Sect-11.1 P-1CPSect-11.1 P-2CPSect-11.1 P-3CPSect-11.1 P-4CPSect-11.1 P-1ESect-11.1 P-2ESect-11.1 P-3ESect-11.1 P-4ESect-11.1 P-5ESect-11.1 P-6E

Sect-11.1 P-7ESect-11.1 P-8ESect-11.1 P-9ESect-11.1 P-10ESect-11.1 P-11ESect-11.1 P-12ESect-11.1 P-13ESect-11.1 P-14ESect-11.1 P-15ESect-11.1 P-16ESect-11.1 P-17ESect-11.1 P-18ESect-11.1 P-19ESect-11.1 P-20ESect-11.1 P-21ESect-11.1 P-22ESect-11.1 P-23ESect-11.1 P-24ESect-11.1 P-25ESect-11.1 P-26ESect-11.1 P-27ESect-11.1 P-28ESect-11.1 P-29ESect-11.1 P-30ESect-11.1 P-31ESect-11.1 P-32ESect-11.1 P-33ESect-11.1 P-34ESect-11.1 P-35ESect-11.1 P-36ESect-11.1 P-37ESect-11.1 P-38ESect-11.1 P-39ESect-11.1 P-40ESect-11.1 P-41ESect-11.1 P-42ESect-11.1 P-43ESect-11.1 P-44ESect-11.1 P-45ESect-11.1 P-46ESect-11.1 P-47ESect-11.1 P-48ESect-11.1 P-49ESect-11.1 P-50ESect-11.1 P-51ESect-11.1 P-52ESect-11.2 P-1CPSect-11.2 P-2CPSect-11.2 P-3CPSect-11.2 P-4CPSect-11.2 P-1ESect-11.2 P-2ESect-11.2 P-3ESect-11.2 P-4ESect-11.2 P-5ESect-11.2 P-6ESect-11.2 P-7ESect-11.2 P-8ESect-11.2 P-9ESect-11.2 P-10ESect-11.2 P-11ESect-11.2 P-12ESect-11.2 P-13ESect-11.2 P-14ESect-11.2 P-15ESect-11.2 P-16ESect-11.2 P-17ESect-11.2 P-18ESect-11.2 P-19ESect-11.2 P-20ESect-11.2 P-21ESect-11.2 P-22ESect-11.2 P-23ESect-11.2 P-24ESect-11.2 P-25ESect-11.2 P-26ESect-11.2 P-27ESect-11.2 P-28ESect-11.2 P-29ESect-11.2 P-30ESect-11.2 P-31ESect-11.2 P-32ESect-11.2 P-33ESect-11.2 P-34ESect-11.2 P-35ESect-11.2 P-36ESect-11.2 P-37ESect-11.2 P-38ESect-11.2 P-39ESect-11.2 P-40ESect-11.2 P-41ESect-11.2 P-42ESect-11.2 P-43ESect-11.2 P-44ESect-11.2 P-45ESect-11.2 P-46ESect-11.2 P-47ESect-11.2 P-48ESect-11.2 P-49ESect-11.2 P-50ESect-11.2 P-51ESect-11.2 P-52ESect-11.2 P-55ESect-11.2 P-56ESect-11.2 P-58ESect-11.2 P-59ESect-11.2 P-60ESect-11.2 P-61ESect-11.2 P-62ESect-11.2 P-66ESect-11.3 P-1CPSect-11.3 P-2CPSect-11.3 P-1ESect-11.3 P-2ESect-11.3 P-3ESect-11.3 P-4ESect-11.3 P-5ESect-11.3 P-6ESect-11.3 P-7ESect-11.3 P-8ESect-11.3 P-9ESect-11.3 P-10ESect-11.3 P-11ESect-11.3 P-12ESect-11.3 P-13ESect-11.3 P-14ESect-11.3 P-15ESect-11.3 P-16ESect-11.3 P-17ESect-11.3 P-18ESect-11.3 P-19ESect-11.3 P-20ESect-11.3 P-21ESect-11.3 P-22ESect-11.3 P-23ESect-11.3 P-24ESect-11.3 P-25ESect-11.3 P-26ESect-11.3 P-27ESect-11.3 P-28ESect-11.3 P-29ESect-11.3 P-30ESect-11.3 P-31ESect-11.3 P-32ESect-11.3 P-33ESect-11.3 P-34ESect-11.3 P-35ESect-11.3 P-36ESect-11.3 P-37ESect-11.3 P-38ESect-11.3 P-39ESect-11.3 P-40ESect-11.3 P-41ESect-11.3 P-42ESect-11.3 P-43ESect-11.3 P-44ESect-11.3 P-45ESect-11.3 P-46ESect-11.3 P-47ESect-11.3 P-48ESect-11.3 P-49ESect-11.3 P-50ESect-11.3 P-51ESect-11.3 P-52ESect-11.3 P-53ESect-11.3 P-54ESect-11.3 P-55ESect-11.3 P-56ESect-11.3 P-57ESect-11.3 P-58ESect-11.3 P-59ESect-11.3 P-60ESect-11.3 P-61ESect-11.3 P-62ESect-11.3 P-63ESect-11.4 P-1CPSect-11.4 P-2CPSect-11.4 P-3CPSect-11.4 P-1ESect-11.4 P-2ESect-11.4 P-3ESect-11.4 P-4ESect-11.4 P-5ESect-11.4 P-6ESect-11.4 P-7ESect-11.4 P-8ESect-11.4 P-9ESect-11.4 P-10ESect-11.4 P-11ESect-11.4 P-12ESect-11.4 P-13ESect-11.4 P-14ESect-11.4 P-15ESect-11.4 P-16ESect-11.4 P-17ESect-11.4 P-18ESect-11.4 P-19ESect-11.4 P-20ESect-11.4 P-21ESect-11.4 P-22ESect-11.4 P-23ESect-11.4 P-24ESect-11.4 P-25ESect-11.4 P-26ESect-11.4 P-27ESect-11.4 P-28ESect-11.4 P-29ESect-11.4 P-30ESect-11.4 P-31ESect-11.4 P-32ESect-11.4 P-33ESect-11.4 P-34ESect-11.4 P-35ESect-11.4 P-36ESect-11.4 P-37ESect-11.4 P-38ESect-11.4 P-39ESect-11.5 P-1CPSect-11.5 P-2CPSect-11.5 P-3CPSect-11.5 P-4CPSect-11.5 P-1ESect-11.5 P-2ESect-11.5 P-3ESect-11.5 P-4ESect-11.5 P-5ESect-11.5 P-6ESect-11.5 P-7ESect-11.5 P-8ESect-11.5 P-9ESect-11.5 P-10ESect-11.5 P-11ESect-11.5 P-12ESect-11.5 P-15ESect-11.5 P-16ESect-11.5 P-17ESect-11.5 P-18ESect-11.5 P-19ESect-11.5 P-20ESect-11.5 P-21ESect-11.5 P-22ESect-11.5 P-23ESect-11.5 P-24ECh-11 P-1RECh-11 P-2RECh-11 P-3RECh-11 P-4RECh-11 P-5RECh-11 P-6RECh-11 P-7RECh-11 P-8RECh-11 P-9RECh-11 P-10RECh-11 P-11RECh-11 P-12RECh-11 P-13RECh-11 P-14RECh-11 P-15RECh-11 P-16RECh-11 P-17RECh-11 P-18RECh-11 P-19RECh-11 P-20RECh-11 P-21RECh-11 P-22RECh-11 P-23RECh-11 P-24RECh-11 P-25RECh-11 P-26RECh-11 P-27RECh-11 P-28RECh-11 P-29RECh-11 P-30RECh-11 P-31RECh-11 P-32RECh-11 P-33RECh-11 P-34RECh-11 P-38RECh-11 P-39RECh-11 P-40RECh-11 P-41RECh-11 P-35RECh-11 P-36RECh-11 P-37RECh-11 P-1TCh-11 P-2TCh-11 P-3TCh-11 P-4TCh-11 P-5TCh-11 P-6TCh-11 P-7TCh-11 P-8TCh-11 P-9TCh-11 P-10TCh-11 P-11TCh-11 P-12TCh-11 P-13TCh-11 P-14TCh-11 P-15TCh-11 P-16TCh-11 P-17TCh-11 P-19T

Finite Mathematics

Calculus: Early Transcendental Functions

Statistics for The Behavioral Sciences (MindTap Course List)

Essentials Of Statistics

Applied Calculus

Single Variable Calculus: Early Transcendentals, Volume I

Single Variable Calculus

Intermediate Algebra

Calculus: Early Transcendentals

Multivariable Calculus

Finite Mathematics and Applied Calculus (MindTap Course List)

Calculus: An Applied Approach (MindTap Course List)

Precalculus: Mathematics for Calculus (Standalone Book)

Probability and Statistics for Engineering and the Sciences

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Calculus (MindTap Course List)

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

Understanding Basic Statistics

Mathematical Excursions (MindTap Course List)

Elementary Technical Mathematics

Elements Of Modern Algebra

Elementary Geometry For College Students, 7e

Contemporary Mathematics for Business & Consumers

Trigonometry (MindTap Course List)

Finite Mathematics for the Managerial, Life, and Social Sciences

Calculus of a Single Variable

Elementary Geometry for College Students

Calculus: Early Transcendental Functions (MindTap Course List)

Single Variable Calculus: Early Transcendentals

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Study Guide for Stewart's Multivariable Calculus, 8th

Introduction To Statistics And Data Analysis

Mathematics For Machine Technology

Statistics for Business & Economics, Revised (MindTap Course List)

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Multivariable Calculus

Calculus (MindTap Course List)

Research Methods for the Behavioral Sciences (MindTap Course List)

Research Methods for the Behavioral Sciences (MindTap Course List)

College Algebra (MindTap Course List)