The Johnson Robot Company’s marketing managers estimate that the demand curve for the company’s robots in 2008 is P = 3,000 - 40Q where P is the price of a robot and Q is the number sold per month.   At what prices is the demand for the firm’s product price elastic?     a. $1500   b. Greater than $1500   c. Less than $1500   d. $1000

Microeconomics: Private and Public Choice (MindTap Course List)
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Chapter7: Consumer Choice And Elasticity
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The Johnson Robot Company’s marketing managers estimate that the demand

curve for the company’s robots in 2008 is

= 3,000 - 40Q

where is the price of a robot and is the number sold per month.

 

At what prices is the demand for the firm’s product price elastic?

 

  a.

$1500

  b.

Greater than $1500

  c.

Less than $1500

  d.

$1000

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