A garden shop determines the demand function
(a) Find the elasticity.
(b) Find the elasticity when
(c) At
(a) The elasticity is
Final Answer: The elasticity of the demand function is given by
Step 1 :Given the demand function
Step 2 :The elasticity of demand is a measure of how much the quantity demanded of a good responds to a change in the price of that good. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.
Step 3 :In this case, the elasticity of demand can be calculated using the formula: Elasticity =
Step 4 :First, we calculate the derivative of the demand function with respect to
Step 5 :Then, we substitute the values of
Step 6 :Final Answer: The elasticity of the demand function is given by