Question

For the demand function

q equals Upper D left parenthesis p right parenthesis equals 352 minus pq=D(p)=352−p,

find the following.

a) The elasticity

b) The elasticity at

pequals=118118,

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)

Answer #1

a)

we have

the elasticity of the demand is,

b)

put p = 118

here E < 1,

the demand is inelastic.

c)

E = 1 for the maximum revenue,

For the demand function
q equals Upper D left parenthesis x right parenthesis equals
StartFraction 400 Over x EndFractionq=D(x)=400x,
find the following.
a) The elasticity
b) The elasticity at
xequals=77,
stating whether the demand is elastic, inelastic, or has unit
elasticity
c) The value(s) of x for which total revenue is a maximum
(assume that x is in dollars)

For the demand function q=D(p)=500/(p+2)2 , find the
following.
a) The elasticity
b) The elasticity at p=3, 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)

Market supply and demand for ovens are given by p equals Upper S
left parenthesis q right parenthesis equals 1750 plus 5 q and p
equals Upper D left parenthesis q right parenthesis equals 2500
minus 10 q. The equilibrium price is $2000 per oven.
(a) Find the market surplus up to equilibrium using the
integral definition.
(b) Verify the market surplus by calculating
MSequalsCSplusPS.

Given Cost and Price (demand) functions Upper C left
parenthesis q right parenthesis equals 120 q plus 45000 and p left
parenthesis q right parenthesis equals negative 2.1 q plus 900,
what is the marginal revenue when profits are $14000?

A
doughnut shop determines the demand function q=D(p)= 300/(p+3)^5
for a dozen doughnuts where q is the number of dozen doughnuts sold
per day when the price is p dollars per dozen.
A.) Find the elasticity equation.
B.) Calculate the elasticity at a price of $9. Determine if
the demand elastic, inelastic, or unit elastic?
C.) At $9 per dozen, will a small increase in price cause the
total revenue to increase or decrease?

Let P(Z)equals=0.390.39, P(Y)equals=0.410.41, and
P(Zintersect∩Y)equals=0.170.17. Use a Venn diagram to find (a)
Upper P left parenthesis Upper Z prime intersect Upper Y prime
right parenthesisPZ′∩Y′, (b) Upper P left parenthesis Upper Z
prime union Upper Y prime right parenthesisPZ′∪Y′, (c) Upper P
left parenthesis Upper Z prime union Upper Y right
parenthesisPZ′∪Y, and (d) Upper P left parenthesis Upper Z
intersect Upper Y prime right parenthesisPZ∩Y′.

A bakery works out a demand function for its chocolate chip
cookies and finds it to be
q equals Upper D left parenthesis x right parenthesis equals 705
minus 10 xq=D(x)=705−10x,
where
qq
is the quantity of cookies sold when the price per cookie, in
cents, is
xx.
Use this information to answer parts a) through
f).
a) Find the elasticity.
E(x)equals=nothing
b) At what price is the elasticity of demand equal to 1?
nothingcents¢
(Round to the nearest cent...

The inverse demand curve a monopoly faces is p equals 15 Upper Q
Superscript negative 0.5. What is the firm's marginal revenue
curve? Marginal revenue (MR) is MRequals 7.5 Upper Q Superscript
negative 0.5. (Properly format your expression using the tools in
the palette. Hover over tools to see keyboard shortcuts. E.g., a
superscript can be created with the ^ character.) The firm's cost
curve is Upper C left parenthesis Upper Q right parenthesis equals
5 Upper Q. What is...

The demand function for a Christmas music CD is given by
q=0.25(225−p^2)
where q (measured in units of a hundred) is the quantity
demanded per week and pp is the unit price in dollars.
(a) Evaluate the elasticity at p=10. E(10)=
(b) Should the unit price be lowered slightly from 10 in order to
increase revenue?
yes no
(c) When is the demand unit
elastic? p=______dollars
(d) Find the maximum revenue. Maximum revenue =________ hundreds of
dollars

A record club has found that the marginal profit,
Upper P prime left parenthesis x right parenthesisP′(x) ,
in cents, is given by
Upper P prime left parenthesis x right parenthesis equals
negative 0.0008 x cubed plus 0.35 x squared plus 52.9
xP′(x)=−0.0008x^3+0.35x^2+52.9x
for
x less than or equals x≤400 ,
where x is the number of members currently enrolled in the club.
Approximate the total profit when
240 members are enrolled by computing the sum
Summation from i equals...

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