11. The relationship between price and quantity demanded for a product is given as: Q P= 300- 2000 (i) Determine the price elasticity of demand at P = ? 100 and at P= ?150 (ii) How does the point price elasticity of demand vary with the price? 12. The demand function for a product is given as P= 500 1000 (i) What is the arc elasticity of demand as price increases from {100 to 120? (ii) What is the arc elasticity of demand as price decreases form {120 to ? 100?

11. The relationship between price and quantity demanded for a product is given as: Q P= 300- 2000 (i) Determine the price elasticity of demand at P = ? 100 and at P= ?150 (ii) How does the point price elasticity of demand vary with the price? 12. The demand function for a product is given as P= 500 1000 (i) What is the arc elasticity of demand as price increases from {100 to 120? (ii) What is the arc elasticity of demand as price decreases form {120 to ? 100?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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