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Answered: - Demand: Q(d)= APD Supply:Q(s)=BPS Demonstrate using the


Demand: Q(d)= AP?D

Supply:Q(s)=BP?S

Demonstrate using the demand function that ?D is the own price elasticity of demand (so by extension, ?S is the own price elasticity of supply). Hint: this is easiest when you take natural logs of both sides of the equation. Recall that the price elasticity of demand is the proportional (or percentage) change in quantity demanded divided by the proportional change in price. This is equivalent to the derivative of the natural log of quantity demand with respect to the natural log of P.

 


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