With the increasing of land prices due to current economic crisis, Nimal decides to sell a perch of a land in Rs. 4 lacks. But he has a doubt about his land demand. As a solution his son created a function to check his land price elasticity demand and it is given by ? = 20? − ? 3 . What does it mean by the price elasticity of demand in this problem? Is the price elasticity of demand elastic or inelastic?
Please help me to solve this problem.
Please help me to solve this problem.