ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

The Johnson Robot Company’s marketing managers estimate that the demand

curve for the company’s robots in 2008 is

P = 3,000 - 40Q

where P is the price of a robot and Q is the number sold per month.

 

At what prices is the demand for the firm’s product price elastic?

 

  a.

$1500
  b.

Greater than $1500
  c.

Less than $1500
  d.

$1000
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