If the unit price is $p, demand of a product is q thousand units where q^2+5*p*q+p^2=60....
If the unit price is $p, demand of a product is q thousand units where q^2+5*p*q+p^2=60. What is the price elasticity of demand when the unit price is $2?
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If the unit price is $p, demand of a product is q thousand units
where q^2+5*p*q+p^2=60....
The demand for a product can be approximated by q=D(p)=80e−0.01p, where p represents the price of...
The demand for a product can be approximated by q=D(p)=80e−0.01p, where p represents the price of the product, in dollars, and q is the quantity demanded. (a) Find the elasticity function: E(p)= (b) Evaluate the elasticity at 5. E(5)= (c) Should the unit price be raised slightly from 5 in order to increase revenue? ? yes no (d) Use the elasticity of demand to find the price pp which maximizes revenue for this product. p=p= Round to three decimal places as needed.
Q2: The demand for a single-price monopolist’s product is Q = 60 – 2P where Q...
Q2: The demand for a single-price monopolist’s product is Q = 60 – 2P where Q is measured in units and P is measured in $/unit. a) At which price is the demand for the monopolist’s product unit elastic? b) At which prices is the demand for the monopolist’s product elastic? c) At which prices is demand for the monopolist’s product inelastic? d) Suppose the monopoly is currently producing and selling 50 units of output. What price must the monopoly...
10,000 where p is the price per 12) The demand equation for a monopolist's product is p q225 unit (in dollars) when q u...
10,000 where p is the price per 12) The demand equation for a monopolist's product is p q225 unit (in dollars) when q units are demanded. (a) Determine the value of q for which revenue is maximum. (b) What is the maximum revenue? 13) A manufacturer found that the total cost c of producing q units of a product is given by c 0.02q22800. At what level of production will average cost be a minimum?
suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good
suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00.a)suppose P=$1.00, what is the price elasticity of demand?what is the cross- price elasticity of demand?b)suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand?
14) The demand equation for a monopolist's product is p = 200 - 0.989, where p is the price per unit (in dollars) of pr...
14) The demand equation for a monopolist's product is p = 200 - 0.989, where p is the price per unit (in dollars) of producing q units. If the total cost c (in dollars) of producing 8 units is given by c= 0.02q2 + 2q + 8000, find the level of production at which profit is maximized. 15) The demand function for a monopolist's product is p = 100 – 39, where p is the price per unit (in dollars)...
1. The quantity demand for kites is given by q(P) (P 10)2, where P is price...
1. The quantity demand for kites is given by q(P) (P 10)2, where P is price and q is the quantity demanded. At what price is the price elasticity of demand equal to -1? a. P 1 c. P- 20 d. P- 10 e. P- 22
The demand for q units of a product depends on the price p (in dollars) according...
The demand for q units of a product depends on the price p (in dollars) according to -1, for p > 0. Find and explain the meaning of the instantaneous rate of change of demand with respect to price when the price is as follows. (a) $16 Interpret the instantaneous rate of change. If price increases by the absolute value of this amount, the demand will drop by 1 unit. If price decreases by the absolute value of this amount,...
1. The demand function for a certain product is p = 300 - sold while p...
1. The demand function for a certain product is p = 300 - sold while p is the unit price when q units are produced where is the quantity of the product produced and a. (8 points) Find the point elasticity of demand when - 12. b. (2 points) Is the demand elastic, inelastie, or unit elastic when - 127 2. Let f(t) = the a. (4 points) Find /'!). b. (6 points) Find f"(t).
Problem #4: The demand equation for a product is given by p-250-0.1qdollars per unit where q is t...
Problem #4: The demand equation for a product is given by p-250-0.1qdollars per unit where q is the number of units demanded. a. If the cost of producing q units is given by C(g)-1000+80q+0.15q find the profit function. b. Use CALCULUS to estimate the cost to produce the 77th unit. How does this compare with the EXACT cost of producing the 77th unit? Include correct units. Do not round values c. Compute the marginal profit of the 100th unit. Does...
The demand equation for a manufacturers product is p= 200/√(6000+ 10q^2) verify that q=2 when p=...
The demand equation for a manufacturers product is p= 200/√(6000+ 10q^2) verify that q=2 when p= 2 1) determine the point elasticity of demand when p= 2 is demand elastic is it inelastic or unit elasticity at this point???
10,000 where p is the price per 12) The demand equation for a monopolist's product is p q225 unit (in dollars) when q units are demanded. (a) Determine the value of q for which revenue is maximum. (b) What is the maximum revenue? 13) A manufacturer found that the total cost c of producing q units of a product is given by c 0.02q22800. At what level of production will average cost be a minimum?
14) The demand equation for a monopolist's product is p = 200 - 0.989, where p is the price per unit (in dollars) of producing q units. If the total cost c (in dollars) of producing 8 units is given by c= 0.02q2 + 2q + 8000, find the level of production at which profit is maximized. 15) The demand function for a monopolist's product is p = 100 – 39, where p is the price per unit (in dollars)...
1. The quantity demand for kites is given by q(P) (P 10)2, where P is price and q is the quantity demanded. At what price is the price elasticity of demand equal to -1? a. P 1 c. P- 20 d. P- 10 e. P- 22
The demand for q units of a product depends on the price p (in dollars) according to -1, for p > 0. Find and explain the meaning of the instantaneous rate of change of demand with respect to price when the price is as follows. (a) $16 Interpret the instantaneous rate of change. If price increases by the absolute value of this amount, the demand will drop by 1 unit. If price decreases by the absolute value of this amount,...
1. The demand function for a certain product is p = 300 - sold while p is the unit price when q units are produced where is the quantity of the product produced and a. (8 points) Find the point elasticity of demand when - 12. b. (2 points) Is the demand elastic, inelastie, or unit elastic when - 127 2. Let f(t) = the a. (4 points) Find /'!). b. (6 points) Find f"(t).
Problem #4: The demand equation for a product is given by p-250-0.1qdollars per unit where q is the number of units demanded. a. If the cost of producing q units is given by C(g)-1000+80q+0.15q find the profit function. b. Use CALCULUS to estimate the cost to produce the 77th unit. How does this compare with the EXACT cost of producing the 77th unit? Include correct units. Do not round values c. Compute the marginal profit of the 100th unit. Does...
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