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The short term demand for a product can be approximated by q=D(p) = 200(300−p^2)where p represents...
The short term demand for a product can be approximated by q=D(p) = 200(300−p^2)where p represents the price of the product, in dollars per unit, and q is the quantity of units demanded.
(a) Determine the elasticity function E(p).
(b) Use the elasticity of demand to find the price which maximizes revenue for this product.
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