Elasticity of Demand for Hair Dryers The demand equation for the Roland portable hair dryer is given as follows where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. 225 - p') (0 sps 15) X%= (a) Is the demand elastic or inelastic when p = 5? O elastic O inelastic Is the demand elastic or inelastic when p = 11? O elastic O inelastic (b) When is the demand unitary? (Round your answer to two decimal places.) (Hint: Solve E(p) = 1 for p.) (c) If the unit price is lowered slightly from $11, will the revenue increase or decrease? O increase O decrease (d) If the unit price is increased slightly from $5, will the revenue increase or decrease? O increase O decrease
Elasticity of Demand for Hair Dryers The demand equation for the Roland portable hair dryer is given as follows where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. 225 - p') (0 sps 15) X%= (a) Is the demand elastic or inelastic when p = 5? O elastic O inelastic Is the demand elastic or inelastic when p = 11? O elastic O inelastic (b) When is the demand unitary? (Round your answer to two decimal places.) (Hint: Solve E(p) = 1 for p.) (c) If the unit price is lowered slightly from $11, will the revenue increase or decrease? O increase O decrease (d) If the unit price is increased slightly from $5, will the revenue increase or decrease? O increase O decrease
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.6: Inequalities
Problem 88E
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