To calculate the point elasticity of demand, we use the formula:

$E_d = \frac{dQ}{dP} \cdot \frac{P}{Q}$

Step 1: Differentiate $Q = 300 - 16P$

The derivative of $Q$ with respect to $P$ is: $\frac{dQ}{dP} = -16$

Step 2: Calculate $Q$ at $P = 1.50$

Substitute $P = 1.50$ into the demand function: $Q = 300 - 16(1.50) = 300 - 24 = 276$

Step 3: Use the elasticity formula

$E_d = \frac{-16 \cdot 1.50}{276}$

Simplify: $E_d = \frac{-24}{276} = -0.087$

Final Answer:

The point elasticity of demand is: $\boxed{-0.087} \quad \text{(D)}$

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Would you like further clarification or additional examples?
Here are 5 related questions to consider:

1. How is elasticity interpreted in terms of consumer behavior?
2. What happens to total revenue if demand is elastic and price decreases?
3. How do you calculate point elasticity at other price points?
4. What is the difference between point elasticity and arc elasticity?
5. How would a perfectly inelastic demand curve affect elasticity?

Tip: Always check whether the elasticity formula is applicable for the given data (e.g., point elasticity