The demand curve is: Qd = 500 – 1/2 P. a. Calculate the (point) price elasticity of demand when price is $100. Is demand elastic or inelastic?

The demand curve is: Qd = 500 – 1/2 P.a. Calculate the (point) price elasticity of demand when price is $100. Is demand elastic or inelastic?b. Calculate the (point) price elasticity of demand when price is $700. Is demand elastic orinelastic?c. Find the point at which point elasticity is equal to -1.

 
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