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5. Based on sales data over the past year, the owner of a DVD D(p)-40-2p where D(p) is the number of DVDs that can be sold in one day at a price of p dollars. (a) According to the model, how many DVDs can be sold in a day at a price of $10?

5. Based on sales data over the past year, the owner of a DVD D(p)-40-2p where D(p) is the number of DVDs that can be sold in one day at a price of p dollars. (a) According to the model, how many DVDs can be sold in a day at a price of $10?

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.8: Linear Programming
Problem 3SC: In Example 3, if the accountant earns a profit of 100 on each individual return and a profit of 175...
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Economics 5. Based on sales data over the past year, the owner of a DVD store devises the demand function D(p)-40-2p where D(p) is the number of DVDs that can be sold in one day at a price of p dollars. (a) According to the model, how many DVDs can be sold in a day at a price of $10? (b) According to the model, what is the maximum price that can be charged (above which no DVDs can be sold)? (c) Find the elasticity function for this demand function. Use the formula E (p) = dD p (d) For what prices is the demand elastic (i.e. -<E<-1)? For what prices is the demand inelastic (i.e. -1 <E<0)? 6. A pharmaceutical company has received its license to put their new hair-growth treatment- affectionately named "17-Again"-on the market. R & D and other initial expenses for 17-Again cost the company $1.5 million, and now that production has begun, it will cost the company $2 to produce each bottled treatment. The cost of producing x bottles of 17-Again is given by C(x)= 1,500,000 + 2x (a) Write an average cost function (labeled as C(x)) and a marginal cost function (labeled as C'(x)) function for 17-Again.
Transcribed Image Text:Economics 5. Based on sales data over the past year, the owner of a DVD store devises the demand function D(p)-40-2p where D(p) is the number of DVDs that can be sold in one day at a price of p dollars. (a) According to the model, how many DVDs can be sold in a day at a price of $10? (b) According to the model, what is the maximum price that can be charged (above which no DVDs can be sold)? (c) Find the elasticity function for this demand function. Use the formula E (p) = dD p (d) For what prices is the demand elastic (i.e. -<E<-1)? For what prices is the demand inelastic (i.e. -1 <E<0)? 6. A pharmaceutical company has received its license to put their new hair-growth treatment- affectionately named "17-Again"-on the market. R & D and other initial expenses for 17-Again cost the company $1.5 million, and now that production has begun, it will cost the company $2 to produce each bottled treatment. The cost of producing x bottles of 17-Again is given by C(x)= 1,500,000 + 2x (a) Write an average cost function (labeled as C(x)) and a marginal cost function (labeled as C'(x)) function for 17-Again.
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