Consider the demand function D(p)=5p−3, (p>0). Use elasticity to determine the approximate percentage increase in p if D increases by 4%.
Antwoord 1 correct
Correct
Antwoord 2 optie
Since no value for p is given, this cannot be determined.
Antwoord 2 correct
Fout
Antwoord 3 optie
−12
Antwoord 3 correct
Fout
Antwoord 4 optie
564
Antwoord 4 correct
Fout
Antwoord 1 optie
−113
Antwoord 1 feedback
Correct:
ϵ=D′(p)⋅pD(p)=−15p−4⋅p5p−3=−15p−35p−3=−3.
Hence, for every value of p it holds that ϵ=−3.
Then, pluggin in the values into %ΔD≈ϵ⋅%Δp gives 4≈−3⋅%Δp. Hence, %Δp≈4−3=−113.
Go on.
ϵ=D′(p)⋅pD(p)=−15p−4⋅p5p−3=−15p−35p−3=−3.
Hence, for every value of p it holds that ϵ=−3.
Then, pluggin in the values into %ΔD≈ϵ⋅%Δp gives 4≈−3⋅%Δp. Hence, %Δp≈4−3=−113.
Go on.
Antwoord 2 feedback
Wrong: In this case the elasticity is not depending on p.
Try again.
Try again.
Antwoord 3 feedback
Antwoord 4 feedback