A commodity has a demand function modeled by p = 280 − 0.4x, and a total...
A commodity has a demand function modeled by p = 280 − 0.4x, and a total cost function modeled by C = 80x + 120, where x is the number of units.
(a) What price yields a maximum profit?
(b) Find the average cost per unit when x = 50 and x = 650.
(c) Determine when the demand is elastic, inelastic, and of unit elasticity.
(d) Use differentials to approximate the change in revenue as
sales increase from 210 units to 220 units. Compare this with the
actual change in revenue.
Homework Answers
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A commodity has a demand function modeled by p = 280 − 0.4x, and
a total...
A commodity has a demand function modeled by p=280 -0.44, and a total cost function modeled...
A commodity has a demand function modeled by p=280 -0.44, and a total cost function modeled by C-80g + 120, where is the member of units. ) What price yields a maximum profil? $24880 b) Find the average cost per unit when - 50. - inelastic x1 and of unit elasticity Determine when the demand is elastic (Une interval notations only, where applicable) Uwe differentials to approximate the change in revenue as sales increase from 210 units to 220 units....
2. A commodity has a demand function modeled by p = 1700 -0.016, and a total...
2. A commodity has a demand function modeled by p = 1700 -0.016, and a total cost function modeled by C = 715,000 + 240. (a) Find the profit and marginal profit at * = 700 units. (b) What price yields the maximum profit. (c) Use differentials to approximate the change in profit as the number of units sold changes from 500 units to 525 units.
The demand function for a product is p= 108 - 0.2x where p is the price...
The demand function for a product is p= 108 - 0.2x where p is the price per unit(in dollars) and x is the number of units. a. Use differentials to approximate the change in revenue as sales increase from 20 units to 21 units. Compare this the actual change in revenue. b. Repeat step (a) when sales increase from 40 units to 41 units.
Please help on my elementary calculus hw :) - Stephany 2. A commodity has a demand...
Please help on my elementary calculus hw :) - Stephany
2. A commodity has a demand function modeled by p = 1700 -0.016x, and a total cost function modeled by C = 715,000 + 240x. (a) Find the profit and marginal profit at 2 = 700 units. (b) What price yields the maximum profit. (c) Use differentials to approximate the change in profit as the number of units sold changes from 500 units to 525 units. 3. Use implicit differentiation...
For a particular commodity, the demand function is q=14(400−p2). a. Find ε when p=12 b.b. Is...
For a particular commodity, the demand function is q=14(400−p2). a. Find ε when p=12 b.b. Is demand elastic, inelastic, or unit elastic?
The demand for wooden chairs can be modeled as D(p)-0.01p 5.75 million chairs where p is the price (in dollars) of a chair. (a) Find the point of unit elasticity. The point of elasticity occurs when...
The demand for wooden chairs can be modeled as D(p)-0.01p 5.75 million chairs where p is the price (in dollars) of a chair. (a) Find the point of unit elasticity. The point of elasticity occurs when p-$ and D(p) million chairs. b) For what prices is demand elastic? For what prices is demand inelastic? Demand is inelastic for Demand is elastic for p< p<
The demand for wooden chairs can be modeled as D(p)-0.01p 5.75 million chairs where p is...
Find the elasticity function and determine the values of p for which the demand is elastic,...
Find the elasticity function and determine the values of p for which the demand is elastic, unit, and inelastic for x=f(p)=210-7p.
For the demand function q =D(P) = 340 - p, find the following. a) The elasticity...
For the demand function q =D(P) = 340 - p, find the following. a) The elasticity b) The elasticity at p = 105, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) a) Find the equation for elasticity E(p) = 0 b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity....
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
A commodity has a demand function modeled by p=280 -0.44, and a total cost function modeled by C-80g + 120, where is the member of units. ) What price yields a maximum profil? $24880 b) Find the average cost per unit when - 50. - inelastic x1 and of unit elasticity Determine when the demand is elastic (Une interval notations only, where applicable) Uwe differentials to approximate the change in revenue as sales increase from 210 units to 220 units....
2. A commodity has a demand function modeled by p = 1700 -0.016, and a total cost function modeled by C = 715,000 + 240. (a) Find the profit and marginal profit at * = 700 units. (b) What price yields the maximum profit. (c) Use differentials to approximate the change in profit as the number of units sold changes from 500 units to 525 units.
The demand function for a product is p= 108 - 0.2x where p is the price per unit(in dollars) and x is the number of units. a. Use differentials to approximate the change in revenue as sales increase from 20 units to 21 units. Compare this the actual change in revenue. b. Repeat step (a) when sales increase from 40 units to 41 units.
Please help on my elementary calculus hw :) - Stephany
2. A commodity has a demand function modeled by p = 1700 -0.016x, and a total cost function modeled by C = 715,000 + 240x. (a) Find the profit and marginal profit at 2 = 700 units. (b) What price yields the maximum profit. (c) Use differentials to approximate the change in profit as the number of units sold changes from 500 units to 525 units. 3. Use implicit differentiation...
The demand for wooden chairs can be modeled as D(p)-0.01p 5.75 million chairs where p is the price (in dollars) of a chair. (a) Find the point of unit elasticity. The point of elasticity occurs when p-$ and D(p) million chairs. b) For what prices is demand elastic? For what prices is demand inelastic? Demand is inelastic for Demand is elastic for p< p<
The demand for wooden chairs can be modeled as D(p)-0.01p 5.75 million chairs where p is...
For the demand function q =D(P) = 340 - p, find the following. a) The elasticity b) The elasticity at p = 105, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) a) Find the equation for elasticity E(p) = 0 b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity....
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
Given the following price-demand function, find the elasticity of demand, E(p), and determine whether demand is elastic, inelastic, or has unit elasticity for the following values of p. (Round your answers to two decimal places.) x = 104,544 - 32p2 (a) p = 43 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (b) p = 30 E(P) = Determine the demand. O elastic O inelastic O unit elasticity (c) p = 50 E() = Determine the...
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