Answer :
Final answer:
The final answer for the elasticity of demand (E(p)) is given by:
E(p) = (-0.8e^p) * (p / (82 - 0.8e^p))
You can calculate specific values for E(p) by plugging in a price value for p into this expression.
Explanation:
The elasticity of demand, E(p), is a measure of how responsive quantity demand changes in response to a change in price. Given your equation, x=f(p)=82−0.8eᵖ.
we find E(p) by calculating the percentage change in quantity over the percentage change in price. This is found by first determining the derivative of the function, then dividing that result by the quantity over price.
Notice that the initial quantity and price will impact the elasticity. In some cases, like the given example, the Price Elasticity of Demand may be less than one, indicating an inelastic demand curve.
In these areas, the changes in price have a smaller impact on the quantity demanded. It's important to understand the concept of elasticity as it helps businesses and economists understand how changes in price will affect demand and revenue.
Learn more about Elasticity of Demand here:
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