The demand function is given by P= 2400 - 0.5Q. What is the quantity at which the demand is unit-elastic?
Question
Solution 1
The elasticity of demand is given by the formula:
Elasticity = (dQ/dP) * (P/Q)
Where:
- dQ/dP is the derivative of the quantity with respect to price, which is the slope of the demand function.
- P/Q is the ratio of price to quantity.
The demand function is given by P = 2400 - 0.5Q.
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