question archive The demand curve is: QD = 10,000 - 10P
The demand curve is: QD = 10,000 - 10P
Subject:EconomicsPrice:2.88 Bought3
The demand curve is: QD = 10,000 - 10P.
a. Calculate the (point) price elasticity of demand when price is $100. Is demand elastic or inelastic? How do you know whether demand is elastic or inelastic? What is total revenue at this price?
b. Calculate the (point) price elasticity of demand when price is $500. Is demand elastic or inelastic? How do you know whether demand is elastic or inelastic? What is total revenue at this price?
c. What is the price at which point elasticity is "unit elastic"? What is total revenue at this price?
d. What is the maximum revenue for this demand curve?
