In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by (p + 1)/g + 9 = 810. (a) Find the elasticity when p = $29. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic. Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An increase in price decreases revenue. Revenue is unaffected by price.
In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by (p + 1)/g + 9 = 810. (a) Find the elasticity when p = $29. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic. Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An increase in price decreases revenue. Revenue is unaffected by price.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 2SQ
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In this problem, p is in dollars and q is the number of units.
Suppose that the demand for a product is given by
(p + 1)
= 810.
q + 9 |
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