Better Students Ask More Questions.
Find price demand equation to find E(p) given the demand function x = 160 - 35*ln p
1 Answer | add yours
The price demand function is `x = 160 - 35*ln p`
Price elasticity of demand is the change in demand for a unit change in the price. As the price function is a continuous one, `E(p) = (dx)/(dp)`
`(dx)/(dp) = -35/p`
The price elasticity of demand is `E(p) = -35/p`
Posted by justaguide on June 21, 2012 at 5:37 AM (Answer #1)
Join to answer this question
Join a community of thousands of dedicated teachers and students.