AboutDr. Nyayapati Swami Expertise I can help you in solving first and second order differential equations. Questions must be at the Undergraduate level. Do not expect me to do all your homework.. If you have a homework question with no clues on how to go about, I will only give you some pointers on solving them.
Experience Ph.D. in Mathematics with more than 15 years of teaching. In addition to undergraduate calculus, I taught many more advanced subjects like Complex Analysis, General Topology, Numerical Analysis, Operations Research, Graph Theory, Mathematical Analysis, Mathematical Economics, Optimisation Theory.
Education/Credentials Ph.D. (University of Toledo, USA)
Question Sorry if this question is not in your area of expertise but I could not find a place to as an economics question. I have no problem figuring for price with the demand equation when I get both Qs and Qd but when I only get one side of the equation I am not sure how to get started. The question is;
The point price elasticity of demand for red herring is $-4. The demand curve for red herring is Q = 120 - P. What is the price of red herring. I know that the answer is $96 I just don't understand how to get there. Thanks for any help.
Answer This requires the knowledge of derivatives.
Point elasticity of demand = (P/Q) dQ/dP
Since your demand is Q = 120 - P, you have dQ/dP = -1
Therefore, point elasticiy = (P/Q)(-1) = -P/Q
You are given point elasticity is -4, therefore
-P/Q = -4
or P = 4Q
Substituting this into your demand
Q = 120 - P
Q = 120 - 4Q
5Q = 120
Q = 120/5 = 24
Hence P = 120 - P = 120 - 24 = 96.
