Elasticity of Demand for Tires The management of Titan Tire company has determined that the quantity demanded x of their Super Titan tires per week is related to the unit price p by the following equation where p is measured in dollars and x in units of a thousand. V144 - p (0 sps 144) (a) Compute the elasticity of demand (in dollars) when p = 62, 96, and 110. (Round your answer to two decimal places.) E(62) = E(96) = E(110) = (b) Determine the demand when p = 62. O elastic O unitary O inelastic Determine the demand when p = 96. O elastic O unitary O inelastic Determine the demand when p = 110. O elastic O unitary O inolactir

Elasticity of Demand for Tires The management of Titan Tire company has determined that the quantity demanded x of their Super Titan tires per week is related to the unit price p by the following equation where p is measured in dollars and x in units of a thousand. V144 - p (0 sps 144) (a) Compute the elasticity of demand (in dollars) when p = 62, 96, and 110. (Round your answer to two decimal places.) E(62) = E(96) = E(110) = (b) Determine the demand when p = 62. O elastic O unitary O inelastic Determine the demand when p = 96. O elastic O unitary O inelastic Determine the demand when p = 110. O elastic O unitary O inolactir

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter2: Graphical And Tabular Analysis

Section2.6: Optimization

Problem 11E: Maximum Sales Growth This is a continuation of Exercise 10. In this exercise, we determine how the...

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Van der Waals Equation In Exercise 18 at the end of Section 2.3, we discussed the ideal gas law, which shows the relationship among volume V, pressure p, and temperature T for a fixed amount 1 mole of a gas. But chemists believe that in many situations, the van der Waals equation gives more accurate results. If we measure temperature T in kelvins, volume V in liters, and pressure p in atmosphere 1 atm is the pressure exerted by the atmosphere at sea level, then the relationship for carbon dioxide is given by p=0.082TV0.0433.592V2atm What volume does this equation predict for 1 mole of carbon dioxide at 500 kelvins and 100 atm?Suggestion: Consider volumes ranging from 0.1 to 1 liter.
Maximum Sales Growth This is a continuation of Exercise 10. In this exercise, we determine how the sales level that gives the maximum growth rate is related to the limit on sales. Assume, as above, that the constant of proportionality is 0.3, but now suppose that sales grow to a level of 4 thousand dollars in the limit. a. Write an equation that shows the proportionality relation for G. b. On the basis of the equation from part a, make a graph of G as a function of s. c. At what sales level is the growth rate as large as possible? d. Replace the limit of 4 thousand dollars with another number, and find at what sales level the growth rate is as large as possible. What is the relationship between the limit and the sales level that gives the largest growth rate? Does this relationship change if the proportionality constant is changed? e. Use your answers in part d to explain how to determine the limit if we are given sales data showing the sales up to a point where the growth rate begins to decrease.
Decay of Litter Litter such as leaves falls to the forest floor, where the action of insects and bacteria initiates the decay process. Let A be the amount of litter present, in grams per square meter, as a function of time t in years. If the litter falls at a constant rate of L grams per square meter per year, and if it decays at a constant proportional rate of k per year, then the limiting value of A is R=L/k. For this exercise and the next, we suppose that at time t=0, the forest floor is clear of litter. a. If D is the difference between the limiting value and A, so that D=RA, then D is an exponential function of time. Find the initial value of D in terms of R. b. The yearly decay factor for D is ek. Find a formula for D in term of R and k. Reminder:(ab)c=abc. c. Explain why A=RRekt.
Grazing Kangaroos The amount of vegetation eaten in a day by a grazing animal V of food available measured as biomass, in units such as pounds per acre. This relationship is called the functional response. If there is little vegetation available, the daily intake will be small, since the animal will have difficulty finding and eating the food. As the amount of food biomass increases, so does the daily intake. Clearly, though, there is a limit to the amount the animal will eat, regardless of the amount of food available. This maximum amount eaten is the satiation level. a.For the western grey kangaroo of Australia, the functional response is G=2.54.8e0.004V, where G=G(V) is the daily intake measured in pounds and V is the vegetation biomass measured in pounds per acre. i. Draw a graph of G against V. Include vegetation biomass levels up to 2000 pounds per acre. ii. Is the graph you found in part i concave up or concave down? Explain in practical terms what your answer means about how this kangaroo feeds. iii. There is a minimal vegetation biomass level below which the western grey kangaroo will eat nothing. Another way of expressing this is to say that the animal cannot reduce the food biomass below this level. Find this minimal level. iv. Find the satiation level for the western grey kangaroo. b. For the red kangaroo of Australia, the functional response is R=1.91.9e0.033V, Where R is the daily intake measured in pounds and V is the vegetation biomass measured in pounds per acre. i. Add the graph of R against V to the graph of G you drew in part a. ii. A simple measure of the grazing efficiency of an animal involves the minimal vegetation biomass level described above: The lower the minimal level for an animal, the more efficient it is at grazing. Which is more efficient at grazing, the western grey kangaroo or the red kangaroo?