15.5 (0) The demand function for drangles is q(p) = (p+ 1)-2. (a) What is the price elasticity of demand at price p? (b) At what price is the price elasticity of demand for drangles equal to -1?. (c) Write an expression for total revenue from the sale of drangles as a function of their price. the revenue-maximizing price. Don't forget to check the second-order Use calculus to find condition.. (d) Suppose that the demand function for drangles takes the more general form q(p) = (p+a)-b where a > 0 and b> 1. Calculate an expression for the price elasticity of demand at price p. At what price is the price elasticity of demand equal to -1?_
15.5 (0) The demand function for drangles is q(p) = (p+ 1)-2. (a) What is the price elasticity of demand at price p? (b) At what price is the price elasticity of demand for drangles equal to -1?. (c) Write an expression for total revenue from the sale of drangles as a function of their price. the revenue-maximizing price. Don't forget to check the second-order Use calculus to find condition.. (d) Suppose that the demand function for drangles takes the more general form q(p) = (p+a)-b where a > 0 and b> 1. Calculate an expression for the price elasticity of demand at price p. At what price is the price elasticity of demand equal to -1?_
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...
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