Question on Elasticity of Demand.
How do we find the value of q, where demand is elastic?
The demand equation is:
p = 21 - 2√q
for 10 >= q =< 90
BOTH SIGNS ARE LESS THAN OR EQUAL AND GREATER THAN OR EQUAL.
The first part of the question is to find the elasticity of demand, which I did get to be:
n = [-2√q (21-2√q)]/(q)
The second part of the question is trying to find the value of q between 10 and 90, for which demand is elastic.
And the third part is computing the total revenue r when the demand has unit elasticity, and 10 >= q =< 90
Thank you for anyone who helps.