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?
For a particular commodity, the demand function is q=14(400−p2). a. Find ε when p=12 b.b. 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....
What is the price elasticity of demand when the demand function is Q = 200 – P2 – 6P? Is demand elastic or inelastic when P = 5? 2P+6P Answer. E=3 At P=5, E = 80/145, demand is inelastic. 200 - P2 - 6PA
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...
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....
For the demand function q = D(p) = /452 - p, find the following. a) The elasticity b) The elasticity at p= 107, 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)
For the demand function q = D(p) = 453 - p, find the following. a) The elasticity b) The elasticity at p = 118, 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) =
A manufacturer determines that D(p) = 5,000e 0.27 units of a particular commodity will be demanded (sold) when the price is p dollars per unit. a. (5 pts) Find the elasticity of demand for this commodity. For what values of p is the demand elastic, inelastic, and of unit elasticity. In other state the condition for p >1, p=1, p<1 b. (5 pts) Sketch the curve and label data from part a 5500 5000 4500 4000 3500 3000 2500 2000...
Consider the constant-elasticity demand function Q = p^−ε, where ε > 0. a. Solve for the inverse demand function p(Q). b. Calculate the demand price elasticity. c. Show that p(Q)/MR(Q) is independent of the output level Q. (Hint: Use the relationship between marginal revenue and the elasticity of demand.)
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...