Calculus (demand)
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4. The equation for a demand curve has been estimated to be Q = 100 – 10P + 0.5Y where Q is quantity, P is price, and Y is income. Assume that P = 7 and Y = 50. a. Interpret the equation. b. What is price elasticity at P = 7 and
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If a pricedemand 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
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1. Suppose that as the price of Y falls from $3.00 to $1.00 the quantity of Y demanded increases from 10 to 18. Compute the price elasticity of demand. Is the demand elastic or inelastic?
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