Science:Math Exam Resources/Courses/MATH104/December 2014/Question 03 (a)
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Question 03 (a) 

The price (in dollars) and the demand for a product are related by the following demand equation: Find the price elasticity of demand in terms of and for this product. 
Make sure you understand the problem fully: What is the question asking you to do? Are there specific conditions or constraints that you should take note of? How will you know if your answer is correct from your work only? Can you rephrase the question in your own words in a way that makes sense to you? 
If you are stuck, check the hints below. Read the first one and consider it for a while. Does it give you a new idea on how to approach the problem? If so, try it! If after a while you are still stuck, go for the next hint. 
Hint 1 

The price elasticity of a product is given by . 
Hint 2 

Apply implicit differentiation. 
Checking a solution serves two purposes: helping you if, after having used all the hints, you still are stuck on the problem; or if you have solved the problem and would like to check your work.

Solution 

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Please rate my easiness! It's quick and helps everyone guide their studies. Recall that the price elasticity of a product is given by , where and , are price and demand respectively. We implicitly differentiate the given relation with respect to giving: Substitute into the formula for elasticity and obtain:
