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anonymous

  • 5 years ago

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..

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  1. amistre64
    • 5 years ago
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    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 :)

  2. anonymous
    • 5 years ago
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    I think this is economics. She talking about price elasticity.

  3. amistre64
    • 5 years ago
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    taking macroeconomics right now :)

  4. anonymous
    • 5 years ago
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    no its actually calculus for business majors

  5. amistre64
    • 5 years ago
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    take the derivative and see if at p=10 is a zero slope if it is, that means it aint moving at that point

  6. amistre64
    • 5 years ago
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    if its another number, that number is your elasticiy of demand for that price.... how fast its moving :)

  7. amistre64
    • 5 years ago
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    180p -(.3/3)p^3 is the derivative....

  8. amistre64
    • 5 years ago
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    1800 - .1(1000) = ?

  9. amistre64
    • 5 years ago
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    1800 - 100 = 1700. I would say that the elasticity of demand is 1700 .... that should be in a rate format...

  10. amistre64
    • 5 years ago
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    ack!!... thats not a derivative.... i did integral on it.....

  11. amistre64
    • 5 years ago
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    -0.6p should be the derivative... sorry :)

  12. amistre64
    • 5 years ago
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    -6 is the elasticity of demand at p=10 ..... i think

  13. amistre64
    • 5 years ago
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    demand is falling at a rate of 6 units per something

  14. anonymous
    • 5 years ago
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    could you show me that in the formula please

  15. amistre64
    • 5 years ago
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    I can try... do you know about derivatives yet?

  16. anonymous
    • 5 years ago
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    yes

  17. amistre64
    • 5 years ago
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    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.

  18. anonymous
    • 5 years ago
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    yes

  19. amistre64
    • 5 years ago
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    good; then explain to me what you need me to show you again? please

  20. anonymous
    • 5 years ago
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    no i got it now thank you...so it would be elastic

  21. amistre64
    • 5 years ago
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    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 :)

  22. anonymous
    • 5 years ago
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    awesome thank you

  23. amistre64
    • 5 years ago
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    no prob :)

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