Linear Programming

[Chamanthi]

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.

 

[Deleted member 4993]

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.

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