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Question
Given a demand function of the form 0.1Q-10+0.2P+0.02P2=0
calculate price elasticity of demand when p=10
Hi, I think this an economic or business question, probably better served in those areas but let me give a stab at it. You probably want to solve for Q as the dependent variable and then substitute in for p.
0.1Q-10+0.2P+0.02P2=0 -> 0.1Q-10+0.22P2=0
.1Q = -.22p + 10
.1Q/.1 = -.22p/.1 + 10/.1
Q = -2.2p + 100
now for p = 10 we have
Q = -22 + 100
Q = 78
I hope this helps.
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Advanced Math
Answers by Expert:
Sherry Wallin
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I can answer most questions up through Calculus and some in Number Theory and Abstract Algebra.
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I have had my Bachelor's Degree since 1987 and have been a teacher since 1988. I earned my Masters Degree in Mathematics May 2010. I have been teaching at the same community college since 2002.
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I have taught 12 years at the community college level, medical college, and technical college as well as a high school instructor and alternative education instructor and charter school instructor.
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Post grad work not degree related GPA 4.0
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