was as you stated then should you have gone as you indicated?...and since its absolute value is greater than one it is elastic...hmm are you sure you are not omitting any other details?
True or false?
The demand is of unit elasticity at the indicated price p.
D(p) = −1.5p + 7; p = 3
I marked true and it was incorrect. Where did I go wrong?
Here is what I did:
I believe thats the correct setup for elasticity. The absolute value is 1.8 which is > 1. So shouldn't it be elastic?
BTW: The formula that was given for elasticity is