4. Demand function is given as: Qd = 100/P Where: Qd = quantity demanded in unit

Question

4. Demand function is given as: Qd = 100/P Where: Qd = quantity demanded in units/month P = price in dollars/unit

a. Does this demand function have constant price elasticity? If so, what is the constant elasticity “k”?

b. Calculate the values of Qd that correspond to integer values of P for 1 f (P), f(10) and plot the demand curve in its inverse form.

c. Using the arc price elasticity formula, calculate the price elasticity of demand for several unit intervals. Compare this result to that from Part a.

d. e. Calculate the total revenue, R, at each point on the demand curve, and the total revenue function by multiplying the demand equation by P. What functional form does the R function have?

Explanation / Answer

leadership training:

Formative and Summative Evaluation
Describe proposed SME evaluation procedures and the information need to collect.
Describe one-to-one evaluation procedures, including how you selected learners to participate, the specific information you would be looking for, and the tools and methods you would use to collect it
Describe proposed small group evaluation procedures, including how you would select participants, the specific information you would be looking for, and the tools and methods you would use to collect it.
Describe field test procedures, including the setting you would use, how you would select learners to participate, the information you would be looking for beyond what the small group evaluation provided, and the tools and methods you would use to collect it
2- Summative evaluation plan:
One-on-one, small group evaluations will be conducted.
If you are in the position to do so, conduct SME evaluations and field tests, otherwise describe your proposed procedures
Include a plan of how you would conduct this.

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