Price Elasticity of Demand Suppose that the inverse demand curve for a dinner-for-two special at a small local restaurant can be expressed as P =

Price Elasticity of Demand

Suppose that the inverse demand curve for a dinner-for-two special at a small local restaurant can be expressed as P = 4,900 - 3Q2, where price is expressed in dollars and quantity in number of specials. What is the price elasticity of demand when 40 specials are purchased? Is the demand for specials elastic, unit elastic, or inelastic?