Question

can someone please check my work ?

Q) Compute the elasticity of demand and determine whether the demand is elastic, inelastic or unitary, at the given unit price P_0. If the unit price is increased slightly from P_0, will the revenue in crease or decrease?

Answer 1

Where is the original problem?

Answer 2

You posted the question, but clearly there is more to it than what you have posted.

Answer 3

i typed out the question up there

Answer 4

That alone is not the question because you got your equation from somewhere. Post the entire question that includes the given equation.

Answer 5

one second, let me take a snap of the question for you :)

Answer 6

I can tell when something isn't posted completely

Answer 7

Students try to fool me with that. I'm never fooled

Answer 8

lol

Answer 9

Why students prefer t to post the question without including the given equation(s) is beyond me. You can't expect to get full help while posting partial information.

Answer 10

one second lord hero.

Answer 11

If I had to do this one, I would approach it differently.

Answer 12

it took me years to learn this method. plz don’t confuse me hero sama

Answer 13

i have one more queston... it’s slightly different tho

Answer 14

it’s the 4th question. it should be in the picture that i sent posted. here’s the solution to that problem

Answer 15

oh oops i thought i already took the pictures of the 4th question plz gimme 2 seconds :)

Answer 16

I'm not interested in the solution. I don't know why you post them

Answer 17

You're interested in the solution.

Answer 18

so you could corre t any mistakes :)

Answer 19

i did all these questions from scratch

Answer 20

Yeah, but that previous question was an exception. I did the work correctly. I just didn't realize the function was restricted.

Answer 21

But I don't need the solution

Answer 22

We're only trying to determine if the demand is elastic, inelastic or unitary.

Answer 23

yes :)

Answer 24

There's a formula for that

Answer 25

Which is why I said I would approach this differently if I had to answer the question.

Answer 26

i wrote out the formula in my solution tho

Answer 27

Here's the thing tho. It says "If the unit price is increased slightly from \(p_0\)" where is that part in your solution?

Answer 28

all i know is that if E(p)>1 that means the demand is elastic, meaning the revenue will decrease. if the E(p) <1 that means the demand is inelastic and the revenue will increase. However, if E(p) = 1 then the demand is unitary, meaning there’s no change in revenue

Answer 29

i have to move to the next chapter tho :/ it’s already october and i haven’t even started calc 2 part of the textbook yet :/

Answer 30

You need two quantities and two prices to compute the elasticity of demand

Answer 31

If you increase the price slightly, say by one unit then you will have your two prices.

Answer 32

From there you can input the two values of p to find the two quantities of x

Answer 33

actually the next question gives you the answer to what you’re talking about. one second

Answer 34

Afterwards you can use this formula to compute the elasticity of demand:
\(\dfrac{(Q_1 - Q_2)/(Q_1 + Q_2)}{(P_1 - P_2)/(P_1 + P_2)}\)

Answer 35

normally they give you the domain or P_0 along with the question. if your demand is below <1 that means the revenue is increasing. and vice versa... but the next question answers your question..

Answer 36

That formula will answer both questions.

Answer 37

read the last part, i summerized everything there. :)

Answer 38

You're "mixing". We're not on those other questions. Only the one

Answer 39

I don't like it when things are mixed.

Answer 40

i know what you talking about, you’re wondering what happenes when P_o is slightly increased

Answer 41

When you mix things, then things get unneessarily confusing

Answer 42

Yes, but like I said, you can knock out two birds with one stone using that formula.

Answer 43

It does not matter the order in which the questions are answered.

Answer 44

k i’lll write that formula in my notes hero sama :)

Answer 45

You can answer the second question first by simply selecting a slightly higher value of \(p_0\).

Answer 46

Which I recommend that you chose \(p_1 = 89\)

Answer 47

From there you calculate \(x_1\)

Answer 48

Which you will find that \(x_1\) is lower than \(x_2\)

Answer 49

From there you use the formula above to calculate elasticity of the demand (the first question)

Answer 50

And then you're done

Answer 51

k i’ll try that method after i gargle my throat. i have a soar throat ..sorry *~*

Answer 52

I mean \(x_1\) is lower than \(x_0\). See that's the kind of silly mistakes I make

Answer 53

k sorry :/

Answer 54

Are you going to finish this one?

Answer 55

I must have confused you on this one