Mathematics OpenStudy (anonymous):

help OpenStudy (anonymous): OpenStudy (phi):

This is definitely not my area. But according to wikipedia Price elasticity is the percentage change in quantity demanded in response to a one percent change in price So using this definition, we can first find the quantity when price=34 (P=34) Q= (95-P)^2 = (95-34)^2= 61^2= 3721 Now find the quantify Q when we increase the price by 1% (multiply 34*1.01) Q2= (95-34*1.01)= 3679.64 The percent change is $100\cdot \frac{Q2-Q}{Q} = 100\cdot \frac{3679.64-3721}{3721}= -1.11 \%$ They say it is often treated as a positive number, though it is negative? Wikipedia also gives a formula price elasticity is equal to the absolute value of the first derivative of quantity with respect to price (dQd/dP) multiplied by the point's price (P) divided by its quantity (Qd). $E= \frac{P}{Q} \frac{dQ}{dP}$ starting with Q= (95-P)^2 we find dQ/dP = -2(95-P)= 2P-190 when P=34, dQ/dP = 68-190= -122 using the absolute value dQ/dP= 122 with P=34 and Q= 3721 (see above), and dQ/dP= 122, the equation for E gives 34*122/3721= 1.11 which matches above.

Latest Questions CherryBlossom: Plz Help! Question: If granola costs $2.20 per pound, how much does 0.8 pound of granola cost? Options:$1.
43 minutes ago 1 Reply 2 Medals CherryBlossom: Plz Help! If granola costs \$2.20 per pound, how much does 0.8 pound of granola co
52 minutes ago 0 Replies 0 Medals kekeman: What is the base case of a recursion? A condition that prevents a recursive call
8 hours ago 0 Replies 0 Medals midnightriver46: 3. Analyze the ongoing relationship between Eastern and Western Europe after the fall of Rome, including the causes and effects of the schism between the ch
11 hours ago 0 Replies 0 Medals lemon1boy1: Triangle RST has vertices located at R (2, 3), S (4, 4), and T (5, 0). Part A: Find the length of each side of the triangle.
10 hours ago 1 Reply 0 Medals kekeman: Help with math: https://snipboard.io/wrK7gS.jpg
12 hours ago 11 Replies 5 Medals anonymous26: You measure my life in hours and I serve you by expiring. Iu2019m quick when Iu2019m thin and slow when Iu2019m fat.
39 minutes ago 6 Replies 2 Medals MidniteSunny: Use the figure below to answer the question that follows: Intersecting triangles ACE and BDF.
16 hours ago 2 Replies 0 Medals kekeman: Help: https://snipboard.io/wrK7gS.jpg
15 hours ago 2 Replies 0 Medals loveandhatemath: At a dog shelter, a 28-pound bag of dog food will feed 42 dogs. How many dogs would you expect to feed with a 14-pound bag of dog food? (Input only whole nu
16 hours ago 2 Replies 0 Medals