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August 20, 2014

August 20, 2014

Posted by **Melissa** on Thursday, November 4, 2010 at 7:12am.

- Calculus -
**MathMate**, Thursday, November 4, 2010 at 11:32amSince the p-q curve has negative slope (which is normal), unit elasticity means -1.

Elasticity = (ΔQ/Q) / (ΔP/P)

=(ΔQ/ΔP) / (P/Q)

=(dQ/dP)*(P/Q)

=-1

dQ/dP = d(173-5P)/dP = -5

Therefore

-5*(P/Q) = -1

-5P = -1(173-5P)

Solve for P to get P=17.3

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