Intermediate Micro Econ Question
 

This newspaper is a monopoly.

Demand is contingent on amount of scandal (s) and price (p).

Q = 15s^(.5)p^(-3)

What is the price elasticity of demand for the newspaper?

Re: Intermediate Micro Econ Question
 

I'm sorry that I'm dumb.

Re: Intermediate Micro Econ Question
 

u are in my econ class [img]/images/graemlins/smile.gif[/img]

Re: Intermediate Micro Econ Question
 

also, the answers were posted right? i think i just did this problem...


idk anyways ill see ya at 745 am and gl!!

Re: Intermediate Micro Econ Question
 

elasticity = (derivate of q/p) * p/q

since it didnt ask for the price or quantity to get the elasticity i assumed it is constant everywhere. so plug in an easy number for p, say 1, and you get 15s^.5 for q.

most cancels out in the equation above and you have -3 left.

Re: Intermediate Micro Econ Question
 

[ QUOTE ]
u are in my econ class [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

seriously? Well I figured out how to do the first part. I don't know how to find the price(part b). How are you getting the MR function? Also, how is the answer not a function of s?

Re: Intermediate Micro Econ Question
 

[ QUOTE ]
[ QUOTE ]
u are in my econ class [img]/images/graemlins/smile.gif[/img]

[/ QUOTE ]

seriously? Well I figured out how to do the first part. I don't know how to find the price(part b). How are you getting the MR function? Also, how is the answer not a function of s?

[/ QUOTE ]

MR function is given in the answer key. u just have to memorize it i guess. idk for sure i never go to class and am just learning this stuff now.

it is not in a function of S because it was stated that they are independent. hmm.. i should probably stop helping you which hurts my grade...

Re: Intermediate Micro Econ Question
 

god i hated intermediate econ and have since forgotten most of it. thank god for the cheat sheet we were allowed on the final!

Re: Intermediate Micro Econ Question
 

Nah man it doesn't hurt your grade, the curve for the class was set after the first midterm for each section.

Re: Intermediate Micro Econ Question
 

Wow that test was easy, I don't even know why I wasted time studying complicated material.