Calculate price and quantity at which price elasticity

Assignment Help Business Economics

Reference no: EM13858675

Supply is given by the equation P=10+0.05Q. Demand is given by the equation P=600-0.05Q. Calculate the price and quantity at which the price elasticity of demand is equal to -1. How might you describe that point?

Reference no: EM13858675

Questions Cloud

Exist when they shut down their operations and conditions : Identify firms that periodically shut down their operations. What are the conditions that exist when they shut down their operations and the conditions that exist when they resume their operations? Explain your reasoning.

Demand for plastic surgery is price inelastic : Assume the demand for plastic surgery is price inelastic. Are the following statements true of false? Explain. When the price of plastic surgery increases, the number of operations decreases. The percentage change in the price of plastic surgery is l..

Comparative advantage in dates and water production : What are your opportunity costs of water and dates? What are Mohammed’s opportunity costs of water and dates?Who has an absolute advantage in dates and water production and who has a comparative advantage in dates and water production? How many dates..

Analysis based on the demand and supply of labor : Recently, the House of Representatives passed legislation to increase the minimum wage in the nation from $5.15 to $7.50. What are the pros and cons of this proposal? Provide an analysis based on the demand and supply of labor.

Calculate price and quantity at which price elasticity : Supply is given by the equation P=10+0.05Q. Demand is given by the equation P=600-0.05Q. Calculate the price and quantity at which the price elasticity of demand is equal to -1. How might you describe that point?

Using the theory of symbolic interactions : Using the theory of symbolic interactions, how do sociologists explain the uniqueness of each individual human being?

Thinking is product of the century : Karl Marx’s thinking is a product of the l9th century. There have been great economic, political, and technological changes since then. How are his theories to be evaluated today? Are they perhaps obsolete and outdated?

Find interest rate that gives net present value of zero : A project has cash flows of -$12,000 in Year 1, +$5000 in Years 2 and 3, -$2000 in Year 4, and +$6000 in Years 5 and 6. Find the interest rate of 12%. Find the interest rate that gives a net present value of zero.

About the process of creating budget plan : Were you successful in stabilizing the U.S. debt? If not, how much of a deficit or surplus did you end up with? What does this exercise tell you about the process of creating a budget plan? Re-examine the budget cuts or increases you made. What probl..

User Account

All Pages