Q. It costs p dollars (0<or=p<or=160) and the daily demand is q=256-0.01p^2
Q. what is the elasticity of demand? p when it is elastic, inelastic?
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What is the definition of "elasticity of demand"?
Originally Posted by HallsofIvy What is the definition of "elasticity of demand"? The Elasticity of the demand is how the change in price effects the revenue. Im trying to find when it is elastic, inelastic and of unit elasticity?
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