For the demand function x=D(p)=50-4p : (a) The elasticity is E(p)= (b) When p=5 , the elasticity E(5)= the demand is ---Select--- v (c) The price at which the total revenue is at a maximum is p=
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- Prove that price elasticity of demand is not the same as the slope of a demand curve.(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?(a). Find the elasticity of the demand function p + 4q = 80 at (10,40) (b) How will a price increase affect total revenue?
- The demand for wooden chairs can be modeled as D(p) = -0.01p + 6.75 million chairs where p is the price (in dollars) of a chair. (a) Find the point of unit elasticity. The point of elasticity occurs when p = $ and D(p): = (b) For what prices is demand elastic? For what prices is demand inelastic? Demand is inelastic for < p < ■ Demand is elastic for million chairs.The demand for wooden chairs can be modeled as D(p) = -0.01p + 4.25 million chairs where p is the price (in dollars) of a chair. (a) Find the point of unit elasticity. The point of elasticity occurs whenp = $ and D(p) = million chairs. (b) For what prices is demand elastic? For what prices is demand inelastic? Demand is inelastic for2x + 500 A garden shop determines the demand function q =| D(x) = during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. 20x +9 (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is. (b) When x = 3, the elasticity is| (Simplify your answer. Type an integer or a fraction) (c) Fill in the blank below. At $3 per plant, a small increase in price will cause the total revenue to4x+200 A garden shop determines the demand function q = D(x) = 30x+9 during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity isIn Problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function pq = 81 at p = 3.4x + 500 10x +9 the number of plants sold per day when the price is x dollars per plant. A garden shop determines the demand function q = D(x) = (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is during early summer for tomato plants where q is M IrThe demand function of a certain commodity is X = 30 2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2Consider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).(a) Show that for a demand function of the form (P) = r, where c and n are positive constants, the elasticity is constant. (Hint: Determine D'(p) and substitute into the formula for E(p).) (b) What type of demand function has elasticity equal to 1 for every value of p?SEE MORE QUESTIONSRecommended textbooks for youEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou…EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningMicroeconomics: Private and Public Choice (MindTa…EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningEconomics: Private and Public Choice (MindTap Cou…EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage LearningMicroeconomics: Private and Public Choice (MindTa…EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning