The demand function for a manufacturer's product is given by p = 300 -
,where p is the price per unit when q units are demanded.
(a)Determine the point elasticity of demand when q = 5.
(b)For q = 5,is demand elastic,inelastic,or does it have unit elasticity?
(c)For what value of q does demand have unit elasticity?

Question

The demand function for a manufacturer's product is given by p = 300 -  
,where p is the price per unit when q units are demanded.
(a)Determine the point elasticity of demand when q = 5.
(b)For q = 5,is demand elastic,inelastic,or does it have unit elasticity?
(c)For what value of q does demand have unit elasticity?

Quizplus · Accepted Answer

The Answer of The demand function for a manufacturer's product is given by p = 300 -  
,where p is the price per unit when q units are demanded.
(a)Determine the point elasticity of demand when q = 5.
(b)For q = 5,is demand elastic,inelastic,or does it have unit elasticity?
(c)For what value of q does demand have unit elasticity?

The Demand Function for a Manufacturer's Product Is Given by P