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Calculate the price elasticity of demand

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Reference no: EM131220297

The demand curve is: QD = 500 - 1/2 P.

  1. Calculate the (point) price elasticity of demand when price is $100. Is demand elastic or inelastic?
  2. Calculate the (point) price elasticity of demand when price is $700. Is demand elastic or inelastic?
  3. Find the point at which point elasticity is equal to -1.

Reference no: EM131220297

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