Maurice Tutor

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Category > Economics Posted 27 Jun 2018 My Price 7.00

power demand curve

The company I work for charges $60 for a boardgame we invented and has sold exactly 3000 copies last year. Elasticity for the game is three. Please determine a linear curve as well as a power demand curve.

 

My current attempt:

 

Price (P) = $60

N = 3000

Elasticity = 3

 

Elasticity Demand = (dQ/dP) * P/Q

3 = (dQ/dP) * 60/3000

(dQ/dP) = 3000*3/60

= 150

 

 

P=60

Q=3000

dQ/dP = 150

               60 = a - 150(3000)

               a = 450060

 

n = 50P

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Jun 2018 09:06 PM My Price 7.00

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