SELECT * FROM question_mgmt as q WHERE id=10228 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=609 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

Consider the demand curve D (p) = 10 – 3p. What is the elasticity at price 53?

Answer:

D (p) = 10-3p
e d = change in demand per unit change in price.
e d =
ȹ -3×

At price p=
-3×
-3 ×
e d _________
10-3

e d ȹ =-1
i.e., the elasticity of demand at price p= is unitary
elastic.


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