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Math Help - Elasticity of Demand questions

  1. #1
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    Elasticity of Demand questions

    I'm not sure if I've done this problem correctly.

    The problem is:
    1. x= -5/4p+20; p=10

    How I Solved It:
    (-5/4(10))/(-5/4(10)+20)
    = -5/3
    Is this right or if I've done something wrong, where did I go wrong specifically?

    The Other Problem:
    2. x= 1/5(225-p^2); p=10

    How I Solved It:
    x= 45-0.2p^2
    (-0.2(10)^2)/(45-0.2(10)^2)
    = -20/25
    = -0.8
    Again, is this right or if wrong, where did I go wrong?

    Thanks.
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  2. #2
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    Re: Elasticity of Demand questions

    Hey AntoninaFinn.

    Are you just trying to evaluate what x is given p for both questions?
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  3. #3
    MHF Contributor

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    Re: Elasticity of Demand questions

    Quote Originally Posted by AntoninaFinn View Post
    I'm not sure if I've done this problem correctly.

    The problem is:
    1. x= -5/4p+20; p=10
    This is ambiguous. Do you mean x= -(5/4)p+ 20 or x= -5/(4p)+ 20?

    How I Solved It:
    (-5/4(10))/(-5/4(10)+20)
    = -5/3
    Is this right or if I've done something wrong, where did I go wrong specifically?
    Yes, that is correct.

    The Other Problem:
    2. x= 1/5(225-p^2); p=10

    How I Solved It:
    x= 45-0.2p^2
    (-0.2(10)^2)/(45-0.2(10)^2)
    = -20/25
    = -0.8
    Again, is this right or if wrong, where did I go wrong?
    That is NOT what I get. What did you get for the derivative of x with respect to p?
    Thanks.[/QUOTE]
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