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Business Analytics · Quiz 1 · 27 Oct 2024 · September 2024 term

Question 10: What is the elasticity of the demand response curve when…

Question 10

+1 markNumerical answer

The linear demand response for product-A is modelled as a simple linear regression represented as D(P) = 4500 – 30*P, where D(P) is the demand at price-P. Then, answer the given subquestions.

What is the elasticity of the demand response curve when the price is Rs.50? (Note: If your answer is in decimal, enter it rounded to two decimal places. For example, if your answer is “10.256”, enter it as “10.26”)

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Correct answer: 0.5 (accepted within ±0.01)

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Question 10 of 16 in the IIT Madras BS Business Analytics (Business Analytics) Quiz 1 paper sat on 27 Oct 2024, in the September 2024 term (IIT M DIPLOMA AN EXAM QDD2 27 Oct 2024). It carries 1 mark.

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