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The demand function for a certain item is Q=p^5e^(−(p+7)) Remember elasticity is given by the equation...

The demand function for a certain item is Q=p^5e^(−(p+7)) Remember elasticity is given by the equation E=−(dQ)/(dp)(p/Q).

Find E as a function of p.

Solutions

Expert Solution

Step 1)

we have,

we can write,

using product rule we can say that,

using product rule for the second term we can say that,

Step 2)

we know that elasticity is given by,

we have,

Hence we can say that,

milcah answered 1 year ago

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