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Suppose the demand equation for a certain product is given by ?(?) = √(−2? + 300),...

Suppose the demand equation for a certain product is given by ?(?) = √(−2? + 300), where ? is the price ($) and ?(?) is the number of units demanded at that price.

a. Find the equation for the elasticity equation. Use it to determine the elasticity of demand for a price of $50 and $100. Describe in words what these mean and tell if the demand is elastic, inelastic, or has unit elasticity. Tell for each what you would recommend to raise revenue.

b. What price will maximize revenue? Prove your claim.

Math   Advanced-Math   
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