Find the Price Elasticity of Demand at P=8 for the Demand Function P = 90 – Q/2

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State whether the supply is elastic, inelastic or unit elastic.

 

SKU: ECO000651

QUESTION 1.

Find an expression for the point elasticity of supply for the supply function below.

Q = 9P + 1

Therefore, the expression for the point elasticity of supply is……..

(Simplify your answer.  Type an expression using Q as the variable).

–And state whether the supply is elastic, inelastic or unit elastic.

 

QUESTION 2.

Find the price elasticity of demand at P=8 for the demand function below

P = 90 – Q/2

Please note……(Q/2 is a fraction…….Q is the numerator and 2 is the denominator)

Therefore, the price elasticity of demand at P=8 is…………

(Round to two decimal places as needed).

 

QUESTION 3.

A firm’s short-run production function is given by the equation below

Q = 10L^2  –  0.1L^3

(Please note 10L^2 is 10L to the power of 2 – 0.1L^3 is 0.1L to the power of 3)

Find the value of L which maximizes AP

L

(not sure how to write the above on a computer–but its AP with a L lower than the AP–

Therefore L is………………

(Type an integer or a decimal)

 

QUESTION 4.

If the demand equation of a good is

P = 20 – 4Q

Find the level of output that maximizes total revenue.

Therefore, the level of output that maximizes total revenue is……..

(Type an integer or a simplified fraction).

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