Question

Suppose the demand for a product is given by 2p^3q = 500,000+500p^2 where p is price in dollars

and q is the number of units sold..

a. Find the price elasticity of demand when p =$50.

Answer #1

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Suppose the demand and supply functions for a product are P=
2800-8q-1/3q^2 and p = 400+2q, respectively, where p is in dollars
and q is the number of units. Find q that will maximize the tax
revenue

The demand function for a certain product is p = 3000, where q
is the quantity of the product produced and q sold while p is the
unit price when q units are produced.
Find the point elasticity of demand when q = 300.
Is the demand elastic, inelastic, or unit elastic when q =
300?

Suppose that the price p (in dollars) of a product is given by
the demand function p = (18,000 − 60x) / (400 − x) where x
represents the quantity demanded and x < 300. f the daily demand
is decreasing at a rate of 100 units per day, at what rate (in
dollars per day) is the price changing when the price per unit is
$30?

The short term demand for a product can be approximated by q =
D(p) = 18 − 2 √p where p represents the price of the product, in
dollars per unit, and q is the number of units demanded. Determine
the elasticity function. Use the elasticity of demand to determine
if the current price of $50 should be raised or lowered to maximize
total revenue.

The demand for a particular commodity when sold at a price of p
dollars is given by the function D(p) = 4000e −0.02p .
(a) Find the price elasticity of demand function and determine
the values of p for which the demand is elastic, inelastic, and of
unitary elasticity.
(b) If the price is increased by 3% from $12, what is the
approximate effect on demand?
(c) Find the revenue R(p) obtained by selling q units at p
dollars per...

2. Suppose the demand for coffee is given by Q(p) = 30 -
p, where p is the price per cup. If the price per cup is $10, then
the price elasticity of demand for coffee is:
Please show all work, step by step
a.
-6.
b.
-1.
c.
-1/2.
d.
-0.55.

a monopoly firm's demand curve is given by p=700-3q the firms
current price is 400 suppose the price elasticy of demand is
-1.5.
(a)calculate the firms marginal revenue at the current price
using the expression for marginal revenue that utilizes the price
elasticity of demand
(b) the firm sells 100 units of output a week if the marginal
cost is zero, is this firm profit maximizing? what should be this
firms profit maximizing output and price?

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

Complete Part 1 and 2 below:
Part 1:
Suppose the market demand curve for a product is given by
Q=800-10P. Which statement is true?
the demand for this product is unit-elastic when P=30
more than one of the other options
the price elasticity of demand for this product can be written
as a function of P
the price elasticity of demand for this product is a
constant
Part 2:
Suppose the market demand curve for a product is given by...

a) Suppose the market is defined by
Demand: Q = 138 – 2P
Supply: Q = 5 + 4P
At a price of P = 38, what is the size of the surplus that will
exist in the market?
b) Suppose the market is defined by
Demand: Q = 159 – 3P
Supply: Q = 5 + 2P
At a price of P = 15, what is the size of the shortage that will
exist in the market?
c)
A...

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