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.
Homework Answers
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The demand for a product can be approximated by
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