Problem
1. Explain why the point elasticity of demand decreases in value as one moves down a straight line demand schedule.
2. Given the demand function q = (1,200 - 2p)0.5, what is elasticity of demand when quantity is 30?
3. Explain why the demand function q = 265p-1 will have the same point elasticity of demand at all prices and say what its value is.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.