The demand function for a certain make of exercise bicycle sold exclusively through cable television is p=9−0.02x−−−−−−−−√(0≤x≤4
50) where p is the unit price in hundreds of dollars and x is the quantity demanded per week. Compute the elasticity of demand and determine the range of prices corresponding to inelastic, unitary, and elastic demand. Hint: Solve the equation E(p)=1.
1 answer:
You might be interested in