The demand for yams is given by q = 5000 10p 2 , where q is
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The demand for yams is given by q = 5000 − 10p2, where q is in pounds of yams and p is the price of a pound of yams.
(a) If the current price of yams is $2 per pound, how many pounds will be sold?
(b) Is the demand at $2 elastic or inelastic? Is it more accurate to say “People want yams and will buy them no matter what the price” or “Yams are a luxury item and people will stop buying them if the price gets too high”?
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Related Book For
Applied Calculus
ISBN: 9781119275565
6th Edition
Authors: Deborah Hughes Hallett, Patti Frazer Lock, Andrew M. Gleason, Daniel E. Flath, Sheldon P. Gordon, David O. Lomen, David Lovelock, William G. McCallum, Brad G. Osgood, Andrew Pasquale
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