The demand for yams is given by q = 5000 10p2, where q is in pounds of yams and p is the
Chapter 4, Problem 12(choose chapter or problem)
The demand for yams is given by q = 5000 10p2, where q is in pounds of yams and p is the price of a pound of yams. (a) If the current price of yams is $2 per pound, how many pounds will be sold? (b) Is the demand at $2 elastic or inelastic? Is it more accurate to say People want yams and will buy them no matter what the price or Yams are a luxury item and people will stop buying them if the price gets too high?
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