Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.

Get a Professional Answer

Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.

100% Satisfaction Guarantee

Rate the answer you receive.

Ask F. Naz Your Own Question

F. Naz, Chartered Accountant

Category: Homework

Satisfied Customers: 5306

Experience: Experience with chartered accountancy

20040807

Type Your Homework Question Here...

F. Naz is online now

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 JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Tutor about your situation and then connect you two.

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.

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.

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 12 months ago.

So believe this is incorrect sinc it is not a linear equation

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.