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F. Naz
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I'm working with an elasticity problem where q=3.73p^0.25 JA:
Customer Question
I'm working with an elasticity problem where q=3.73p^0.25
JA: The Tutor can help you get an A on your homework or ace your next test. Tell me more about what you need help with so we can help you best.
Customer: I determined the derivative dq/dp to be 0.9325 * p^1.25
JA: Is there anything else important you think the Tutor should know?
Customer: but I can't seem to solve for p in order to determine elasticity
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Submitted:
7 months ago.
Category:
Homework
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Expert:
F. Naz
replied 7 months ago.
What is needed is not clear please provide complete details, and also mention your deadline, thanks.
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Customer:
replied 7 months ago.
A given product has a demand that is expressed by the owing equation
q=3.75p^0.25
Where p=price and q=quantity
Find whether the demand is elastic or inelastic using
E=(p/q) × the derivative dq/doI derived dq/do to be
0.9325p^1.25 but that left me with some pretty obfuscated algebra and I could not resolve p in order to sub in test numbers for elasticity to see if they were greater OE less than 1 (elastic or non elastic)
I'd like to learn how to solve the equation.
Customer:
replied 7 months ago.
Is that enough to go on?
Expert:
F. Naz
replied 7 months ago.
http://www.mediafire.com/download/dqqmczmorxouvio/price_elasticity_equation.xls Please download the file, do not see in the view mode as it does not show the correct answer, please also rate the answer so I get credit for my efforts, thanks.
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Customer:
replied 7 months ago.
As your reply did not use Calculus but only arbitrary plug in values it does not help. I explicitly provided the derivative to plug back into the formula for E
E= P/Q * (dQ//dP) without the
Without the work this did not help and in the meantime I was able to solve for E and derived a different answer than you.
Would you like to see the work?
Customer:
replied 7 months ago.
So believe this is incorrect sinc it is not a linear equation
Expert:
F. Naz
replied 7 months ago.
Okay
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Customer:
replied 7 months ago.
Okay, I see there is not going to be a response. I will never use this site ever again since I did not get a correct answer and I clearly expressed the methodology was calculus not arbitrary values.
Expert:
F. Naz
replied 7 months ago.
THIS ANSWER IS LOCKED!
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