anonymous
  • anonymous
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..
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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amistre64
  • amistre64
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 :)
anonymous
  • anonymous
I think this is economics. She talking about price elasticity.
amistre64
  • amistre64
taking macroeconomics right now :)

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anonymous
  • anonymous
no its actually calculus for business majors
amistre64
  • amistre64
take the derivative and see if at p=10 is a zero slope if it is, that means it aint moving at that point
amistre64
  • amistre64
if its another number, that number is your elasticiy of demand for that price.... how fast its moving :)
amistre64
  • amistre64
180p -(.3/3)p^3 is the derivative....
amistre64
  • amistre64
1800 - .1(1000) = ?
amistre64
  • amistre64
1800 - 100 = 1700. I would say that the elasticity of demand is 1700 .... that should be in a rate format...
amistre64
  • amistre64
ack!!... thats not a derivative.... i did integral on it.....
amistre64
  • amistre64
-0.6p should be the derivative... sorry :)
amistre64
  • amistre64
-6 is the elasticity of demand at p=10 ..... i think
amistre64
  • amistre64
demand is falling at a rate of 6 units per something
anonymous
  • anonymous
could you show me that in the formula please
amistre64
  • amistre64
I can try... do you know about derivatives yet?
anonymous
  • anonymous
yes
amistre64
  • amistre64
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.
anonymous
  • anonymous
yes
amistre64
  • amistre64
good; then explain to me what you need me to show you again? please
anonymous
  • anonymous
no i got it now thank you...so it would be elastic
amistre64
  • amistre64
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 :)
anonymous
  • anonymous
awesome thank you
amistre64
  • amistre64
no prob :)

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