Suppose that the inverse demand curve for a well-known sports car can be expressed as 
, where price is in dollars and quantity is in numbers of cars.
a. What is the price elasticity of demand at a quantity of 100?
b. Is the demand for these sports cars elastic or inelastic?
Definitions:
Longitudinal Studies
Research methods that involve observing the same subjects over a period of time, often years or decades.
Biased Sample
A subset of a population selected in a manner where some members of the intended population are less likely to be included than others, potentially leading to skewed outcomes.
Longitudinal Design
A research method in which data is gathered for the same subjects repeatedly over a period of time to observe changes and development.
Inexpensive
Not costing a lot of money; affordable.
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