pls help me answer this micro economics question with details?

Question

suppose that the current price of tin is $.75 per
pound and 7.5 million metric tons are sold every year.
The elasticity of demand for tin is -0.8. What is a
linear approximation of the demand for tin?

Answer 1

This is what the question is saying.
The elasticity of demand is -.8, meaning that the slope of the demand line is -.8. For every unit change in price, quantity will fall by .8 units. Your graph will have a steeper slope, and will go through the point 7.5 million tons for quantity and $.75 per pound for price. The line with that slope and going through that point will be your linear approximation.

Answer 2

Interesting problem. This is how I would solve it.
Let elasticity = (dQ/dP)(P/Q);
(dQ/dP)*(.75/7.5 million) = -0.8
dQ/dP = -8 million
dQ = -8 million dP
Integral on both sides, one gets Q = - 8 million P + Constant;
P = Cte/8 million - Q/8 million.

Attention! elasticity of demand IS NOT the slope of the demand curve because, according to the elasticity's formula, it depends on the quantity and price on the demand curve. The elasticity changes along the demand curve.

Answer 3

wow you fairly have your self in a quandary.. in the beginning i could do away with any underclothes because it for sure has long previous by way of that if its on your denims, that ought to decrease the smell. heavily purely rub some liquid cleansing soap and water on it then dry it with the hand dryer. Ummm solid luck with your date... lol