Question

Use the price-demand equation below to find the values of p for which demand is elastic and the values for which demand is inelastic. Assume that price and demand are both positive.

x=f(p)=330-30p

Answer 1

the elasticity is given by
\[\large \varepsilon=\frac{\partial\ln x}{\partial\ln p}=\frac{-30p}{300-30p} \]

Answer 2

to see where the demand is elastic solve
\[\large \varepsilon>1 \]
to see where the demand is inelastic solve
\[\large \varepsilon<1 \]

Answer 3

How would I set up the equation to see where the demand would be either elastic or inelastic?