Given the price-demand equation p + 0.01x = 50. a. Express the demand x as a function of the price p
Question: Given the price-demand equation p + 0.01x = 50.
a. Express the demand x as a function of the price p.
b. Find the elasticity of demand, E(p).
c. What is the elasticity of the demand when p = $10? If this price is decreased by 5%, what is the approximate change in demand?
d. What is the elasticity of the demand when p = $45? If this price is decreased by 5%, what is the approximate change in demand?
Price: $2.99
Solution: The answer consists of 1 page
Solution Format: Word Document
Solution Format: Word Document
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