A study of the demand for air travel between two cities depends on the airfare according to the following demand equation. q=55.2-0.024p a. Find the elasticity when the price is $166.59. E=[ (Round to the nearest thousandth as needed.) b. Is the demand for airfare elastic or inelastic at this price? The demand for airfare at $166.59 is c. Find the price that maximizes revenue. Revenue will be maximized when the price is $ (Round to the nearest dollar as needed.)
A study of the demand for air travel between two cities depends on the airfare according to the following demand equation. q=55.2-0.024p a. Find the elasticity when the price is $166.59. E=[ (Round to the nearest thousandth as needed.) b. Is the demand for airfare elastic or inelastic at this price? The demand for airfare at $166.59 is c. Find the price that maximizes revenue. Revenue will be maximized when the price is $ (Round to the nearest dollar as needed.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter3: Polynomial And Rational Functions
Section3.1: Quadratic Functions And Models
Problem 56E: When a certain drug is taken orally, the concentration of the drug in the patient's bloodstream...
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