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2. [Own Price Elasticity of Demand] Given a demand function Q = f (P), the own price elasticity of demand is defined as =(dQ/dP).(P/Q). What
2. [Own Price Elasticity of Demand]
Given a demand function Q = f (P), the own price elasticity of demand is defined as
=(dQ/dP).(P/Q).
What is the own price elasticity of demand
(a) for the linear demand function Q = 2006P when P = 10.
(b) for the linear inverse demand function P = 1006Q when Q = 10.
(c) for the inverse demand function P = Q6, when (i) Q = 5; (ii) Q = 10.
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