HW chap 3-2

Supposethatwhenthepriceis400theamountdemandedis40andth

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Unformatted text preview: demand: Qd = 1 0 – 2 P E d = – B × (P /Q) E d = – 2 × (1 .3 3 /(1 0 – 2 × (1 .3 3 )) E d = – 2 × (1 .3 3 /7 .3 ) E d = ­0 .3 6 . Price elasticity of supply: Q s = 1 0 P – 6 E s = d × (P /Q) E s = 1 0 × (1 .3 3 /(1 0 × (1 .3 3 ) – 6 ) E s = 1 0 × (1 .3 3 /7 .3 ) E s = 1 . 8 2 . http://e z to.mhe c loud.mc gr a w- hill.c om/hm.tpx? todo= pr intvie w 6/8 1/22/2014 8. Assignme nt Pr int Vie w awar d: 8.33 out of 16.66 points The demand for a product is where P is its price and A and B are positive numbers. Suppose that when the price is $4.00 the amount demanded is 40 and the elasticity of demand is ­1. What are the values of A and B? Instructions: Enter your answers as whole numbers. A = 0 . B = 10 . rev is ed jrl 08­09­2011 Worksheet Section: Elasticities of Demand and Supply The demand for a product is where P is its price and A and B are positive numbers. Suppose that when the price is $4.00 the amount demanded is 40 and the elasticity of demand is ­1. What are th...
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This note was uploaded on 01/22/2014 for the course ECO 3352 taught by Professor Ax during the Fall '13 term at Troy.

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