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The demand equation for a product is given by
P = 30 - 0.1q^2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic
(a) At what point price is demand inelastic?Answer:P for q = 15 is; P=30-0.1*〖15〗^2⇨$7.5E_p=-1*7.5/15⇨-0.5As demand is inelastic, when price is $7.5 and quantity demanded is 15. (b) At what price...
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Discuss how entrepreneurs might be able to make goods more price inelastic. Why might they be happier to change the price of a good that is price inelastic rather than one that is price elastic.
Entrepreneurs might be able to make goods more price inelastic by increasing the price for those goods said to be inelastic such as basic goods which people can not do...
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3 goods or products that we can identify as elastic and inelastic. Explain how you classify each as elastic good and inelastic good
Below are three examples of products which are both elastic and inelastic· Gasoline- generally, gasoline is inelastic in demand mostly in short term. The substitute for gasoline offer less control and...
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. When price-consumption curve is horizontal (refer the graph), the demand is -----------------------------. a. Inelastic b. Perfectively elastic c. Unitary elastic d. Elastic
b) Perfectively elastic
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The demand equation for a product is given by
P=30-0.1q2 .
(a)At what point price is demand inelastic?
(b)at what price is demand unitary elastic
P’ = -0.2q dQ/dP = -1/0.2q (a) E = (dQ/dP)*(P/Q) p/0.2q^2 = 0 p=0 or Q = 0. (b) E = (dQ/dP)*(P/Q) = 1 p/0.2q^2 = 1 p = 0.2q^2...
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Demand Review: (pick one) 21) An (elastic/inelastic) product has a flatter demand curve. 22) An (elastic/inelastic) product has steeper demand curve.
21)inelastic22)elastic
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Demand Review: (pick one) 23) Total revenue (increase/decrease) if an elastic products price decreases. 24) Total revenue (increase/decrease) if an inelastic products price decreases.
23) Total revenue increase if an elastic product's price decreases.24) Total revenue decrease if an inelastic product's price decreases.
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Demand Review: (pick one) 25) If a purchase for a product can be delayed, it is (elastic/inelastic).
If a purchase for a product can be delayed, it is inelastic.
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Demand Review: Put “I” for inelastic demand or “E” for elastic demand for following products. ____ insulin ____ butter ____ new Honda Accord ____ Dell computers ____ table salt
I - insulinI - butterE - new Honda AccordE - Dell computersI - table salt
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Demand Worksheet: 2) If a change in price has an effect on change in quantity, this is known as (elastic/inelastic) demand. Give a specific example of this type of demand.
If a change in price has an effect on change in quantity, this is known as elastic demand. For example, if the price of the Porsche sport cars increases by...
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