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Question about Calculating the price elasticity of demand
Demand for DVD rentals at a video store is described by the equation: Q = 4,000 - 500P, where Q denotes the number of DVDs rented per week and P is the rental price in dollars.
a) Determine the point price elasticity of demand at P = $3.00.
b) What is the new point price elasticity if price is raised to P = $4.50?
c) Comment on the change in elasticity.
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour.
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Explain how many popsicles will be sold every day in the short run if the price rises to $2 each. In the long run, if the price rises to $2 each.
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