The demand function for a quantity Q is = 35000 - 5P. Over what range of price, the quantity demand will be inelastic ?
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JNU SSS 2020 Question 30: Demand theory and elasticity
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The demand function for a quantity Q is Q_d = 35000 - 5P. Over what range of price, the quantity demand will be inelastic? (A) 100 to 600 (B) 300 to 399 (C) 500 to 3900 (D) Zero to 3500
Demand theory and elasticity has come up 161 times in 7 exams since 2004.
What this question tests
This question is on Price elasticity of demand, part of Demand theory and elasticity in Microeconomics.
How responsive quantity is to price, at a point, along a linear curve, and for constant-elasticity demand.
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