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What is the quantity that corresponds to the price

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Reference no: EM132440639

Problem: Suppose that demand is given by

D (p) = 1000 (12 -P) [for  p < 12]

a. What is the quantity that corresponds to the price P = 8?

b. Compute the elasticity of demand at the price quantity pair (8, 4000) using the discrete change in price from $8 to $8.04.

c. Compute the elasticity of demand and the price quantity pair (8, 4000) using calculus.

d. What is the percentage change in TR due to the price increase from $8 to $8.04

Reference no: EM132440639

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