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The demand curve for a good is Q = 100 - 2p
The demand curve for a good is Q = 100 - 2p. What is the elasticity at the point p = $12.00 and Q = 76? The elasticity of demand is?
Expert Solution
PED= (change in Quantity /change in Price) * (Price / Quantity)
Change in Quantity /change in Price = -2 (obtained by differentiating the demand equation (Q = 100 - 2p)
Price = 12
Quantity = 76
Hence, PED = (-2) * (12/76) = -0.3157
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