A company estimates that the weekly sales g of its product is related to the product's price p by the function q 11300 5 Vpli V plī where p is in dollars. Currently, each unit of the product is selling for $4. a. Determine the point elasticity of demand of this product. (Do not round ; answer exactly.) The point elasticity of demand is = Round these next two parts to the nearest whole number. b. Determine the effect on revenue if the price were decreased by 1%. If the price were decreased by 1%, the revenue will Select an answer by $ c. Determine the effect on revenue if the price were decreased by 5%. If the price were decreased by 5%, the revenue will Select an answer by $
A company estimates that the weekly sales g of its product is related to the product's price p by the function q 11300 5 Vpli V plī where p is in dollars. Currently, each unit of the product is selling for $4. a. Determine the point elasticity of demand of this product. (Do not round ; answer exactly.) The point elasticity of demand is = Round these next two parts to the nearest whole number. b. Determine the effect on revenue if the price were decreased by 1%. If the price were decreased by 1%, the revenue will Select an answer by $ c. Determine the effect on revenue if the price were decreased by 5%. If the price were decreased by 5%, the revenue will Select an answer by $
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter7: Analytic Trigonometry
Section7.6: The Inverse Trigonometric Functions
Problem 92E
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Transcribed Image Text:A company estimates that the weekly sales g of its product is related to the product's price p by the
function
q
11300
5
Vpli
V plī
where p is in dollars. Currently, each unit of the product is selling for $4.
a. Determine the point elasticity of demand of this product. (Do not round ; answer exactly.)
The point elasticity of demand is =
Round these next two parts to the nearest whole number.
b. Determine the effect on revenue if the price were decreased by 1%.
If the price were decreased by 1%, the revenue will Select an answer by $
c. Determine the effect on revenue if the price were decreased by 5%.
If the price were decreased by 5%, the revenue will Select an answer
by $
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