Suppose a Consumer's Demand Function Is $x ( p ) = 100 - 3 p$

question 21

Essay

Suppose a consumer's demand function is $x ( p ) = 100 - 3 p$ .
a.What's the general equation for the own-price elasticity of demand for this consumer?
b.What's the price elasticity of demand when p=25?
c.Suppose instead that the demand function is
$x \left( p _ { x } , p _ { y } \right) = 100 - 3 p _ { x } + p _ { y }$ .How does the equation for own-price elasticity change?
d.Continue with the demand equation in (c).Suppose p=25.What's the cross-price elasticity for x?
e.Continuing with part (d),what's the cross-price elasticity when the price of y is equal to 50?

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Definitions:

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The ability of the body to perform large, physical movements that require the coordination of muscles and limbs.

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An approach or perspective that emphasizes the relationships between organisms and their environment.

Constructivist View

An educational theory that emphasizes the learner's active role in constructing knowledge based on their experiences and interactions.

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Refers to the alterations or decline in auditory perception that can occur over time due to age, illness, or environmental factors.