price demand equation. x=f(P)=160-35lnp to find E(p)
thilina-g | Certified Educator
The price elasticity is to be found.
`E(p) =` change is quantity/ change in price `= (Deltax)/(Deltap)`
or in other words, we have to find the derivative `(dx)/(dp)`
`(dx)/(dp) = -35 xx 1/p`
`E(p) = -35/p`