Calculate the arc elasticity of demand

Reference no: EM13209537

At a price of $200, 8000 units are sold. at a price of $220, 6400 units are sold.

1. calculate the arc elasticity of demand

2. construct the demand equation. use midpoint price and quantity (p=210, q=7200), and the elasticity you have just calculated. Assume the demand equation takes the form Q= a+bP. Also recall that E=b(P/Q)

Reference no: EM13209537

Questions Cloud

Movement affect design in the twenty-first century : In your post, include an analysis of the movement that answers these questions and how does the art from this movement affect design in the twenty-first century?

Create a timeline of the major designs : Create a timeline of the major designs and developments in the field of art and design. Your timeline should focus on the years 1500-1950 CE and include at least three different genres in art and design.

Which effect will depend on whether the good is normal : Describe the difference between the "income effect" of a price increase on quantity demanded and the "substitution effect" of a price increase on quantity demanded. Which effect will depend on whether the good is "normal"

Explain chromatogrm for the presence of compounds : Check your gas chromatogrm for the presence of compounds other than isopentyl acetate. Explain the presence of any additional

Calculate the arc elasticity of demand : 1. calculate the arc elasticity of demand 2. construct the demand equation. use midpoint price and quantity (p=210, q=7200), and the elasticity you have just calculated. Assume the demand equation takes the form Q= a+bP. Also recall that E=b(P/Q)

Depict a structure for isomer : There are 3 different possible structures (known as isomers) for a dibromoethene molecule, C2H2Br2. One of them has no net dipole moment, but the other two do. Draw a structure for each isomer. Include H atoms.

Does price exceed average variable cost for firm : A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $15.00 per unit for the first 50 units and then $35.00 per unit for all successive units.Does price exceed avera..

Weaving the world together : You should only use information given in the passage. Do not give your personal opinion. Do not copy and paste materials taken directly from the passage

Explain dibenzalacetone is commonly used in sunscreens : Dibenzalacetone is commonly used in sunscreens. Suggest what properties are valuable in a compound for use as a sunscreen.

User Account

All Pages