The demand function for a product is modeled by p = 400 − 2x, 0 ≤ x ≤ 200, where p is the price per unit (in dollars) and x is the number of units. Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.) Determine when the demand is of unit elasticity

The demand function for a product is modeled by p = 400 − 2x, 0 ≤ x ≤ 200, where p is the price per unit (in dollars) and x is the number of units. Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.) Determine when the demand is of unit elasticity

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 14SQ

See similar textbooks

Similar questions

If automobiles and gasoline are complements, then their cross-elasticity coefficient is a. strictly greater than 1. b. positive. c. equal to zero. d. negative.
The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 150100 (a) Find the elasticity of demand as a function of the quantity demanded, q. n = (b) Find the point at which the demand is of unitary elasticity. Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. q =
The price elasticity of demand is given by E = where P and Q denote price and 20² quantity demanded, respectively. It is known that quantity demanded is 5 when the price is 5. Find an expression for the demand function.
Consider the supply function for a kind of computer, namely p=10+0,5q. Determine the arc elasticity if the price increases from R1200 to R3200 . a. |ϵ|=1 , the supply is unit elastic. The 1% change in supply is equal to 1% change in price. b. |ϵ|=1 , the supply is unit inelastic. The 1% change in supply is equal to 1% change in price. c. |ϵ|=<1 , the demand is inelastic at this price. 1% increase (or decrease) in price will cause a 0,3% decrease (or increase) in demand. d. |ϵ|=<1 , the demand is elastic at this price. 1% increase (or decrease) in price will cause a 0,3% decrease (or increase) in demand.
The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 135V110 - g (a) Find the elasticity of demand as a function of the quantity demanded, q. (b) Find the point at which the demand is of unitary elasticity. q = Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. q =
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 for
The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 90110 - g (a) Find the elasticity of demand as a function of the quantity demanded, q. n = (b) Find the point at which the demand is of unitary elasticity. Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. (d) Graph the revenue function R = pq, and use it to find where revenue is maximized. R R 35 000 30 000 35 000 30 000 25 000 25 000 20 000 20 000
Suppose that the price per unit p as a function of the demanda is p = 478.8 -0.9x. (a) Calculate the price elasticity of demand when x = 132. n = -2.44, therefore the demand is elastic (b) Calculate the price elasticity of demand when x = 425. n = -0.202 therefore the demand is inelastic (c) Find the demand that gives unit elasticity. x = 266.0 ✓
When the price of a gallon of milk increases from $6 to $8, quantity demanded decreases to 27 gallons. Assuming the price elasticity of demand for milk is -0.3, what is the original quantity demanded? (assuming further that this is the point elasticity relative to the original point on the demand curve.) Please make sure you give a numerical answer with no units and/or space or period (.) or comma (,) before or after your answer. Enter your answer here
Suppose the price elasticity of demand for used cars is estimated to be 3. What does this mean?
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.
Suppose the demand for selling a Nintendo Switch console at a price p is modeled by the function ri8, D(p) = V450 -p for 0