00:03
Here guys, ladies to problem one.
00:06
In this problem, we need to calculate the arc elasticity.
00:09
Given p is 1 ,000 minus 2 q, the value of q, when p is equal to 210 is going to be 210 minus 1 ,000 minus 2 q.
00:19
When we solve this equation for q, we get q equal to 395.
00:24
And the value of q, when p is equal to 200 is 200 minus 1 ,000 minus 200 is equal to 1 ,000 minus 2 q.
00:33
When we solve this equation for q, we get q as 400.
00:37
Therefore, the value of change of p, which is delta p, is delta p equal to 200 minus 210 or negative 10...