Microecon

posted by .

If you are given this function: P=1000-40Q where P=price and Q=sales.....

How do you get the price elasticity of demand at a price that is $500?

At what price, if any is the price elasticity of demand equal to one?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Economics

    How is elasticity of supply related to elasticity of demand?
  2. managerial economics

    Explain the relationship between product X, product Y and product Z or the properties of each according to the following statements a. Cross price elasticity between X and Y is -4 b. Cross price elasticity between X and Y is 12 c. …
  3. Advanced Microeconomics College Level

    Information on the price elasticity of demand is particularly importatn to managerial decision making because: A) the higher the price elasticity of demand for a product is, the more profitable it will be to produce more of it. B) …
  4. managerial economics

    Exercise 1 The marketing manager has estimated the company’s demand curve with the equation P=3000 – 40Q. To develop a deeper understanding of pricing and quantity to be produced, complete the following analyses: 1. Draw the demand …
  5. economics

    suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00. a)suppose P=$1.00, what is the price elasticity …
  6. Math - Limits/Derivatives

    If a price-demand equation is solved for p, then price is expressed as p = g(x) and x becomes the independent variable. In this case, it can be shown that the elasticity of demand is given by E(x) = - [g(x) / xg'(x)]. Use the given …
  7. Economics

    Very confused on how to figure these out. Suppose that the following table shows the weekly visits to an amusement park as a function of the daily admission fee charged: #visits daily fee 200 $50 400 $40 600 $30 800 $20 1000 $10 What …
  8. Calculus

    The consumer demand equation for tissues is given by q = (97 − p)2, where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $26. (Round …
  9. Economics

    1.calculate the price elasticity of demand when the price was increased from R25 to R40 ?
  10. Economics 201

    Determine the price elasticity of demand for a microwave that experienced a 20% drop in price and a 50% increase in weekly demand quantity. I know I have to use the price elasticity of demand formula, but I keep getting the wrong answer. …

More Similar Questions