Numbers 5 adn 6 need to be answered. The function (8.6) needed in 5b has been included in a separate picture.Please show all work. Thank you. asticity of y with respect to x asdy/dxy/xmarginal functionaverage functionEyx =(8.6)nation, the absolute value of the elasticity measure is used in de-is elastic at a particular point. In the case of a demand funct 5. (a) Find a positively sloped curve with a constant point elasticity everywhere on thecurve.(b) Write the equation of the curve, and verify by (8.6) that the elasticity is indeed aconstant.6. Given Q = 100-2P +0.02Y, where Q is quantity demanded, P is price, and Y isincome, and given P = 20 and Y = 5,000, find the(a) Price elasticity of demand.(b) Income elasticity of demand.

The price elasticity of demand is the rate of change in consumption of a product against the change…

5. (a) Find a positively sloped curve with a constant point elasticity everywhere on the curve. (b) Write the equation of the curve, and verify by (8.6) that the elasticity is indeed a constant. 6. Given Q=100-2P +0.02Y, where Q is quantity demanded, P is price, and Y is income, and given P = 20 and Y = 5,000, find the (a) Price elasticity of demand. (b) Income elasticity of demand.

5. (a) Find a positively sloped curve with a constant point elasticity everywhere on the curve. (b) Write the equation of the curve, and verify by (8.6) that the elasticity is indeed a constant. 6. Given Q=100-2P +0.02Y, where Q is quantity demanded, P is price, and Y is income, and given P = 20 and Y = 5,000, find the (a) Price elasticity of demand. (b) Income elasticity of demand.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 7PA: Suppose that your demand schedule for pizza is as follows: a. Use the midpoint method to calculate...

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