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a. Given f = dQ/dP · P/Q, where D = Q = 700 - 4P, what is the price, total revenue, and elasticity at Q = 100?
b. Let X = 120, a = 1, and ß = -3. Solve and explain X = aPxß. If D = X = 300 - 2P, can elasticity be calculated from this equation? What happens if X is allowed to change?
c. Why is elasticity of demand, useful in policy decisions? Consider both price elasticity of demand and income elasticity of demand.
d. Using graphs to illustrate your explanations of elasticity of demand, when elasticity changes and when it does not?
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"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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