The South Park DVD has been a slow seller during recent months. An analysis of monthly...
The South Park DVD has been a slow seller during recent months. An analysis of monthly demand shows:
Q = 5,000 - 160P
where Q is DVD sales and P is price.
|
How many DVDs could be sold at a $25 price? (2points) |
|
|
Calculate the point price elasticity of demand at a price of $25. |
Homework Answers
Q = 5,000 - 160P
(i) When P = 25, Q = 5,000 - (160 x 25) = 5,000 - 4,000 = 1,000
(ii) Elasticity of demand = (dQ/dP) x (P/Q) = - 160 x (25 / 1,000) = - 4
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