A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 678 – 20x, where q is the quantity of cookies sold when the cookie, in cents, is x. Use this information to answer parts a) through f) a) Find the elasticity 20x E(x) = 678-20x b) At what price is the elasticity of demand equal to 1? ¢ (Round to the nearest cent as needed.)

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
icon
Related questions
Question

11

A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 678 – 20x, where q is the quantity of cookies sold when the price per
cookie, in cents, is x. Use this information to answer parts a) through f).
a) Find the elasticity
20x
E(x) =
678-20x
b) At what price is the elasticity of demand equal to 1?
¢ (Round to the nearest cent as needed.)
Transcribed Image Text:A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 678 – 20x, where q is the quantity of cookies sold when the price per cookie, in cents, is x. Use this information to answer parts a) through f). a) Find the elasticity 20x E(x) = 678-20x b) At what price is the elasticity of demand equal to 1? ¢ (Round to the nearest cent as needed.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781285741550
Author:
James Stewart
Publisher:
Cengage Learning
Thomas' Calculus (14th Edition)
Thomas' Calculus (14th Edition)
Calculus
ISBN:
9780134438986
Author:
Joel R. Hass, Christopher E. Heil, Maurice D. Weir
Publisher:
PEARSON
Calculus: Early Transcendentals (3rd Edition)
Calculus: Early Transcendentals (3rd Edition)
Calculus
ISBN:
9780134763644
Author:
William L. Briggs, Lyle Cochran, Bernard Gillett, Eric Schulz
Publisher:
PEARSON
Calculus: Early Transcendentals
Calculus: Early Transcendentals
Calculus
ISBN:
9781319050740
Author:
Jon Rogawski, Colin Adams, Robert Franzosa
Publisher:
W. H. Freeman
Precalculus
Precalculus
Calculus
ISBN:
9780135189405
Author:
Michael Sullivan
Publisher:
PEARSON
Calculus: Early Transcendental Functions
Calculus: Early Transcendental Functions
Calculus
ISBN:
9781337552516
Author:
Ron Larson, Bruce H. Edwards
Publisher:
Cengage Learning