Question 1;1. Moving along a demand curve, quantity demanded decreases by 8 percent when price increases by 10 percent. The price elasticity of demand is calculated to be;Question 2;1. Assume that the demand curve is given by the following formula;P = 50 - 0.25 Q;or;Q = 200 - 4P;What is the point price elasticity of demand when P = $30?;Question 3;1. If when the price of a product is equal to $7, the quantity demanded is equal to 1,000 and when the price of the same product is $5, the quantity demanded is equal to 1,400, what is the price elasticity of demand?
Paper#31029 | Written in 18-Jul-2015Price : $22