28. Economics: elasticity of demand. Consider the demand function given by 600 4 = D(x) = (x + 4)²" a) Find the elasticity. b) Find the elasticity at x = 1, stating whether demand is elastic or inelastic. c) Find the elasticity at x = 12, stating whether demand is elastic or inelastic. d) At a price of $12, will a small increase in price cause total revenue to increase or decrease? e) Find the price at which total revenue is a maximum.

28. Economics: elasticity of demand. Consider the demand function given by 600 4 = D(x) = (x + 4)²" a) Find the elasticity. b) Find the elasticity at x = 1, stating whether demand is elastic or inelastic. c) Find the elasticity at x = 12, stating whether demand is elastic or inelastic. d) At a price of $12, will a small increase in price cause total revenue to increase or decrease? e) Find the price at which total revenue is a maximum.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter3: Functions

Section3.3: More On Functions; Piecewise-defined Functions

Problem 99E: Determine if the statemment is true or false. If the statement is false, then correct it and make it...

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