The linear demand curve for a certain product is Quantity = 20,000 - 919 * Price. Calculate the price elasticity of demand for this demand curve at the point where Price = $13.31. Rounding: two decimal places. Remember the sign - elasticity is always negative.
2. The linear demand curve for LawnTech's robot lawn mower is Quantity = 50,000 - 59 * Price. Calculate the price elasticity of demand for this product at Price = $525. Rounding: 2 decimal places. Don't forget the sign - elasticity is always negative.
3. LawnTech sells its laser hedge trimmer at a price of $275 and estimates the price elasticity of demand at -1.2 at this price. LawnTech is thinking about raising its price by +3.2%. By what percent will the quantity sold change, given this change in price? Report your answer as a percent. Report 25.5%, for example, as "25.5". Remember to report the sign of the change. Rounding: tenth of a percent.
4. LawnTech sells its sonic gopher repeller at a price of $380 and estimates the price elasticity of demand at -1.2 at this price. At that price, LawnTech sells 35,000 units per year. LawnTech is thinking about cutting its price by -4.2%. How many more units can LawnTech expect to sell at the new price? Rounding: tenth of a unit.
