Calculate point elasticity of demand when price is given

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Reference no: EM131481755

Question: 1. A market has a linear demand schedule with a slope of -0.3. When price is £3, quantity sold is 30 units. Where does this demand schedule hit the price and quantity axes? What is price if quantity sold is 25 units? How much would be sold at a price of £9?

2. For the demand schedule P = 60 - 0.2Q illustrated in Figure, calculate point elasticity of demand when price is (a) £24 and (b) £45.

Reference no: EM131481755

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