For the Demand Function Q = 150(245 - $p ^ { 2 }$

question 25

Multiple Choice

For the demand function q = 150(245 - $p ^ { 2 }$ ) , find E(p) and determine if the demand is elastic or inelastic (or neither) at the price p =7.

• A) E(p) = \(\frac { p ^ { 2 } } { 245 - p ^ { 2 } }\) , elastic
• B) E(p) = \(\frac { 2 p ^ { 2 } } { 245 - p ^ { 2 } }\) , elastic
• C) E(p) = \(\frac { p ^ { 2 } } { 245 - p ^ { 2 } }\) , inelastic
• D) E(p) = \(\frac { 2 p ^ { 2 } } { 245 - p ^ { 2 } }\) , inelastic

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Definitions:

Account Balances

The total amount of money in a financial account, determined by adding all credits and subtracting all debits.

Accrued Expenses

Expenses that have been incurred but not yet paid for, resulting in a liability recorded on the balance sheet.

Incurred

Incurred refers to costs or expenses that have been realized or taken on, often in the process of conducting business or other activities.

Stockholders' Equity

The amount of capital given to a company by its shareholders plus its retained earnings.