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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

The equation for a demand curve is Chapter 5, Problem 33P, The equation for a demand curve is What is the elasticity in moving from quantity of 5 to a quantity What is the elasticity in moving from quantity of 5 to a quantity of 6?

To determine

Calculate the elasticity of demand for the following demand function when quantity rises from 5 units to 6 units.

P= 48 - 3Q.

Explanation

We will first find the price at quantity of 5 units.

P = 48 - 3QP = 48- 3×5P = 48 - 15P = $33

Now, we will find the price at quantity of 6 units.

P = 48 - 3QP = 48- 3×6P = 48 - 18P = $30

Now, we can calculate the elasticity of demand with the foll

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