(b) Find the point at which the demand is of unitary elasticity. q = 187.5 Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic q<187.5 q > 187.5 elastic (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. q =

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
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Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
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Chapter3: Demand Analysis
Section: Chapter Questions
Problem 6E
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The demand function for specialty steel products is given, where p is in dollars and q is the number of units.

please answer parts b and c

(b) Find the point at which the demand is of unitary elasticity.
q = 187.5
Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.)
inelastic
q<187.5
q > 187.5
elastic
(c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.)
increasing
decreasing
Use information about elasticity in part (b) to decide where the revenue is maximized.
q =
Transcribed Image Text:(b) Find the point at which the demand is of unitary elasticity. q = 187.5 Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic q<187.5 q > 187.5 elastic (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. q =
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