Asked by Isabella Cardenas on Jun 19, 2024
Verified
the demand function for drangles is given by D(p) (p 1) 2.If the price of drangles is $4, then the price elasticity of demand is
A) 0.80.
B) 6.40.
C) 3.20.
D) 4.80.
E) 1.60.
Price Elasticity
The degree to which the demand for an item is affected by fluctuations in its cost.
Demand Function
A mathematical representation of how the quantity demanded of a good is influenced by its price and other factors.
- Master the principles of demand functions and the way to comprehend their implications.
- Evaluate the price elasticity of demand for a range of products and realize its outcomes.
Verified Answer
AG
Anthony GumboJun 24, 2024
Final Answer :
E
Explanation :
The formula for price elasticity of demand is not clearly provided due to the formatting issues in the question. However, the correct answer typically involves calculating the percentage change in quantity demanded over the percentage change in price. Without the specific formula or demand function provided in a readable format, it's challenging to provide a detailed explanation. The choice is based on common outcomes of elasticity calculations, where a numerical value represents the responsiveness of demand to price changes.
Learning Objectives
- Master the principles of demand functions and the way to comprehend their implications.
- Evaluate the price elasticity of demand for a range of products and realize its outcomes.