Question

the demand function for a certain comodity is given by f(p)=180 -0.3p^2, where p is the price in dollars and f(p) is the number of items sold.

find the elasticity of demand when p=10 and tell whether it is elastic or inelastic.

Could someone help me on this, i am not understanding..

Answer 1

elasticity generally refers to something being able to move; since demand is moving, i would assume that it is elastic... but that is just a guess :)

Answer 2

I think this is economics. She talking about price elasticity.

Answer 3

taking macroeconomics right now :)

Answer 4

no its actually calculus for business majors

Answer 5

take the derivative and see if at p=10 is a zero slope

if it is, that means it aint moving at that point

Answer 6

if its another number, that number is your elasticiy of demand for that price.... how fast its moving :)

Answer 7

180p -(.3/3)p^3 is the derivative....

Answer 8

1800 - .1(1000) = ?

Answer 9

1800 - 100 = 1700.

I would say that the elasticity of demand is 1700 .... that should be in a rate format...

Answer 10

ack!!... thats not a derivative.... i did integral on it.....

Answer 11

-0.6p should be the derivative... sorry :)

Answer 12

-6 is the elasticity of demand at p=10 ..... i think

Answer 13

demand is falling at a rate of 6 units per something

Answer 14

could you show me that in the formula please

Answer 15

I can try... do you know about derivatives yet?

Answer 16

yes

Answer 17

do you know how to find the derivative? cause after that, its just plug in p=10 to find the rate of change at that instant.

Answer 18

yes

Answer 19

good; then explain to me what you need me to show you again? please

Answer 20

no i got it now thank you...so it would be elastic

Answer 21

it would be elastic; and the rate at which it is elastic is -6; demand is dropping at a rate of 6 units.... dont know the units :)

Answer 22

awesome thank you

Answer 23

no prob :)