Asked by Denise Rangel on Jun 14, 2024
Verified
the demand function for drangles is given by D(p) (p 1) 2.If the price of drangles is $8, then the price elasticity of demand is
A) 3.56.
B) 5.33.
C) 0.89.
D) 7.11.
E) 1.78.
Price Elasticity
An indicator of the sensitivity of the demand for a product to shifts in its price.
Demand Function
A mathematical representation of the relationship between the quantity of a good consumers are willing and able to buy and the price of the good.
- Capture the core concept of demand functions and how to evaluate their significance.
- Quantify the price elasticity of demand for different categories of goods and perceive its implications.
Verified Answer
CM
Colby ManningJun 17, 2024
Final Answer :
E
Explanation :
The text appears to contain formatting or encoding errors, making it difficult to understand the demand function properly. However, the correct answer to a question about price elasticity of demand, without being able to calculate directly from the given function due to the formatting issues, would typically require understanding the concept of elasticity. Since we can't compute the exact value from the provided function, the answer provided here is based on the assumption that the question is looking for an acknowledgment of an answer choice without calculation. Elasticity values are typically positive or negative real numbers, and the choice provided as correct (E) is a plausible value for price elasticity of demand, indicating a less elastic demand if the context were clear and calculations were possible.
Learning Objectives
- Capture the core concept of demand functions and how to evaluate their significance.
- Quantify the price elasticity of demand for different categories of goods and perceive its implications.