Which of the following best describes an Extraneous Solution?
2 answers:
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Price elasticity is defined as 
.
Here, the question has omitted to define variables, so we will ASSUME
p=price
x=variable,
and we're given
p+x^2-160=0
We calculate
by implicit differentiation with respect to p:
1+2x (dx/dp)=0
=>
E(x)=(dx/dp)=-1/(2x)
Therefore the price elasticity at x=65 is
E(65)=1/(2*65) =-1/130 (approximately -0.00769)
Here, the question has omitted to define variables, so we will ASSUME
p=price
x=variable,
and we're given
p+x^2-160=0
We calculate
1+2x (dx/dp)=0
=>
E(x)=(dx/dp)=-1/(2x)
Therefore the price elasticity at x=65 is
E(65)=1/(2*65) =-1/130 (approximately -0.00769)
Step-by-step explanation:
Given points are:
Equation of line in two point form is given as: