Question
In Problems $31-34,$ use the price-demand equation to determine whether demand is elastic, is inelastic, or has unit elasticity are the indicated values of $p$.$x=f(p)=875-p-0.05 p^{2}$(A) $p=50$(B) $p=70$(C) $p=100$
Step 1
The elasticity of demand is given by the formula $E(p) = -p \frac{f'(p)}{f(p)}$, where $f'(p)$ is the derivative of the demand function and $f(p)$ is the demand function itself. Show more…
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