Consider the following. Demand Function Quantity Demanded X = 15 p= 500 3x Find the price elasticity of demand for the demand function at the indicated x-value. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? The demand is elastic at this x-value. The demand is inelastic at this x-value. The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function. y 600 500 400 300 200 100 12 000 10 000 8000 6000 4000 2000 y elastic inelastic 50 50 100 100 150 150 X X y 25 000 20 000 15 000 10 000 5000 y 1200 1000 800 600 400 200 50 50 100 100 150 150 X Identify the intervals of elasticity and inelasticity. (Enter your answers using interval notation. If an answer does not exist, enter DNE.) X
Consider the following. Demand Function Quantity Demanded X = 15 p= 500 3x Find the price elasticity of demand for the demand function at the indicated x-value. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? The demand is elastic at this x-value. The demand is inelastic at this x-value. The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function. y 600 500 400 300 200 100 12 000 10 000 8000 6000 4000 2000 y elastic inelastic 50 50 100 100 150 150 X X y 25 000 20 000 15 000 10 000 5000 y 1200 1000 800 600 400 200 50 50 100 100 150 150 X Identify the intervals of elasticity and inelasticity. (Enter your answers using interval notation. If an answer does not exist, enter DNE.) X
Chapter20: Elasticity: Demand And Supply
Section: Chapter Questions
Problem 2E: Plot the price and quantity data given in the demand schedule of exercise 1. Put price on the...
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Transcribed Image Text:Consider the following.
Demand Function
Quantity Demanded
x = 15
p= 500 3x
Find the price elasticity of demand for the demand function at the indicated x-value.
Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value?
The demand is elastic at this x-value.
The demand is inelastic at this x-value.
The demand is of unit elasticity at this x-value.
Use a graphing utility to graph the revenue function.
y
O
600
500
400
300
200
100
12 000
10 000
8000
6000
4000
2000
y
elastic
inelastic
50
50
100
100
150
150
y
25 000
20 000
15 000
10 000
5000
y
1200
1000
800
600
400
200
50
50
100
100
150
Identify the intervals of elasticity and inelasticity. (Enter your answers using interval notation. If an answer does not exist, enter
DNE.)
150
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