SOLUTION: If the demand function for a certain product is P=60−3,5Q, where P and Q are the price and quantity respectively, determine the point price elasticity of demand if the pric

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: If the demand function for a certain product is P=60−3,5Q, where P and Q are the price and quantity respectively, determine the point price elasticity of demand if the pric      Log On


   

Question 1200846: If the demand function for a certain product is
P=60−3,5Q,
where P
and Q
are the price and quantity respectively, determine the point price elasticity of demand if the price P
equals R18.
Answer by ikleyn(52847) About Me  (Show Source):
You can put this solution on YOUR website!
.

Open your textbook; learn from there what the price elasticity is and make all necessary calculations on your own.

After that, you can post your work to the forum for checking.