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Get Help Now!Question 1
. [10 points] Examine whether the following statement is true or false.
Explain.
The own price elasticity of demand is constant if the slope of a downward sloping demand
curve is constant.
Question 2
. [10 points] If the price of a minivan is $40,000, find the price and quantity of
a passenger car that maximizes revenue when the demand for a passenger car is
characterized by the following equation
Qd = 20000 – 4P
1
+ 2P
2
where Qd represents number of passenger cars demanded; P
1
represesents the price of a
passenger car; and P
2
represents the price of a minivan.
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