For The Give Demand Function Q 800 4p 0 2p And The Price P 20 1 P Dq Dp Dq 2 D 20 3 When P 20 Q 4 Price 1 (31.61 KiB) Viewed 74 times
For The Give Demand Function Q 800 4p 0 2p And The Price P 20 1 P Dq Dp Dq 2 D 20 3 When P 20 Q 4 Price 2 (42.98 KiB) Viewed 74 times
For the give demand function Q-800-4P- 0.2P² and the price, P=$20 1. (P)= dQ dP dQ 2.d (20)= 3. When P=$20, Q= 4. Price elasticity of demand: E= round to 2.d.p. 5.The absolute value of price elasticity: IEI= round to 2.d.p. *Note: from now on work with rounded value of elasticity. Is it: Oelastic Oinelastic Ounitary elasticity 6. A 20% decrease in price will cause % Oincrease in quantity of demand. Odecrease
7. Consider the price of $20. If price increases by 30%: a) What is the corresponding percent change in the quantity of demand? Quantity of demand will Odecrease by Oincrease %. b) What is the new price? $ c) What is the new quantity of demand? round to the nearest whole number of items.
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