![Finite Mathematics and Calculus with Applications](https://www.bartleby.com/isbn_cover_images/9781323188361/9781323188361_smallCoverImage.jpg)
Concept explainers
Elasticity The price along the West Coast of the United States for Japanese spruce logs (in dollars per cubic meter) based on the demand (in thousands of cubic meters per day) has been approximated by
Source: Kamiak Econometrics.
(a) Find the elasticity when the demand is 11 thousand cubic meters a day. (Hint: To find dq/dp when p is expressed in terms of q, you may use the fact that
Review the explanation of the derivative of the natural logarithm to see why this is true.)
(b) Is the demand for spruce logs elastic or inelastic?
(c) What happens to the elasticity as q approaches 16.6887? Discuss the limitations of this model for the price as a function of the demand.
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Chapter 14 Solutions
Finite Mathematics and Calculus with Applications
- Big Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin HarcourtAlgebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageFunctions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning
- Algebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
![Text book image](https://www.bartleby.com/isbn_cover_images/9781680331141/9781680331141_smallCoverImage.jpg)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337111348/9781337111348_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305071742/9781305071742_smallCoverImage.gif)