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Calculate the point price elasticity at a price

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Reference no: EM132401142

Given the demand function Q = 24 - 1.5P

1. Calculate the point price elasticity at a price of $14 EP = (ΔQ/ΔP) *(P/Q) = (-1.5) *(14/3) = (-1.5) *(4.667) = -7.001

2. Calculate the point price elasticity at a price of $8 EP = (Δ Q/ Δ P) *(P/Q) = (-1.5) *(8/12) = (-1.5) *(.667) = -1

3. Calculate the point price elasticity at a price of $5 EP = (Δ Q/ Δ P) *(P/Q) = (-1.5) *(5/16.5) = (-1.5) *(.303) = -.455

Reference no: EM132401142

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