The discussion focuses on calculating the price elasticity of demand using the formulas provided: q = (39/3.6)^2/3 and p = (39/(3.6^3/2). The user consistently arrives at an elasticity value of 1.5, but this is incorrect due to the lack of a defined demand function in relation to price. To accurately compute the price elasticity, the demand must be expressed as a function of price, which was not provided in the original problem statement.
PREREQUISITESEconomics students, market analysts, and anyone involved in pricing strategy or demand forecasting will benefit from this discussion.
By "already substituting the 3.6 in there", you have made it impossible to answer. We need to know the demand as a function of the proce.jweber said:q= (39/3.6)^2/3
p=(39/(3.6^3/2)
Find price elasticity of demand when p=$3.6. I already substituted the 3.6 in there.
I keep getting 1.5 but its saying it wrong please solve and help.