Given the demand function P = 20 – 5Q, find the price elasticity of demand when price of the commodity is 5 Birr per unit. Mention if the demand is price elastic or inelastic at this point

The price elasticity of demand is -0.33 and it is price inelastic.

Since the price function is given as:

P = 20 - 5Q

where, P = 5

Then the quantity will go thus:

P = 20 - 5Q

5 = 20 - 5Q

5 - 20 = - 5Q

-15 = -5Q

Q = -15/-5.

Q = 3

The price elasticity of demand will be:

dQ/dP × P/Q = -1/5 × 5/3 = -1/3 = -0.33

In conclusion, the price elasticity of demand is -0.33.

In this case, the demand is said to be price inelastic since the price elasticity of demand is less than 1.

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the median of the data is 4.

step-by-step explanation:

the median means the middle number of a given number.

to decide which one is the median, arrange in ascending or descending order. but sometimes, you may find two(2) number in the middle, but it's easy, just add them together and divide by 2.

so,   determine the median of the data. 2, 3, 3, 4, 5, 7, 9

it is already arranged, count 3 times forward and 3 backward and the one left is your answer.

2,3,3,4,5,7,9

our answer is 4.

hope this !