Suppose the demand function for a product is given by where p is in hundreds of dollars

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Suppose the demand function for a product is given by

where p is in hundreds of dollars and q is the number of tons.
(a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is $371?
(b) Is the demand elastic or inelastic?

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Feb 09, 2018 07:09 AM

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Suppose the demand function for a product is given by where p is in hundreds of dollars

Question:

5000 -q 2 q+1

Step by Step Answer:

a At p 371 we wer...View the full answer

Mathematical Applications for the Management Life and Social Sciences

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