Homework Help: Evaluating elasticity

Posted by Miranda on Saturday, March 14, 2009 at 3:46pm.

The demand function for a certain item is x = 35(sqrt(32-p^2))
---Evaluate the elasticity at 5. E(5)=
I don't know how to find elasticity, so i don't know how to start this problem. If someone could explain elasticity i think that i could figure it out.

Evaluating elasticity - bobpursley, Saturday, March 14, 2009 at 4:42pm
Isn'n
Elasticity = - ddemand/dprice * P/q ?

so here
elasticity= - dx/dp * p/x

I assume you can take the derivative, put p=5 (and x(5)) and compute E.
Evaluating elasticity - drwls, Sunday, March 15, 2009 at 7:58am
dx/dp = 35*(1/2)*(-2p)/sqrt(32-p^2)
= -35/sqrt(32-p^2)

Now evaluate E(x) = -(p/x)* (dx/dp)
@ p=5
x(5) = 35 sqrt 5
and put it all together.

A few numbers will cancel, simplifying the result.

Answer this Question

Related Questions

managerial economics - Explain the relationship between product X, product Y and...
Economics - How is elasticity of supply related to elasticity of demand? Is this...
Calculus - When an electronics store prices a certain brand of stereos at p ...
Calculus - When an electronics store prices a certain brand of stereos at p ...
Microecon - If you are given this function: P=1000-40Q where P=price and Q=sales...
economics - suppose the demand curve for a product is given by Q=10-2P+Ps1,where...
managerial economics - 4. The equation for a demand curve has been estimated to ...
Calculus - Find the price elasticity of demand. The demand function for the ...
Economic Theory - What is the price elasticity of supply for your chosen ...
Calculus - For the demand function find the elasticity function. Problem 52. p=D...

For Further Reading

First Name:
School Subject:
Answer: