he demand function for a product is given below. p = 30 − 5x, 0 < x < 6 (a) Find the price elasticity of demand when x = 3. (b) Find the values of x and p that maximize the total revenue. x=____units p=____ (c) For the value of x found in part (b), find the price elasticity of demand.

he demand function for a product is given below. p = 30 − 5x, 0 < x < 6 (a) Find the price elasticity of demand when x = 3. (b) Find the values of x and p that maximize the total revenue. x=units p= (c) For the value of x found in part (b), find the price elasticity of demand.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter14: Pricing Techniques And Analysis

Section: Chapter Questions

Problem 1E

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The demand function for a product is given below.

p = 30 − 5x, 0 < x < 6

(a) Find the price elasticity of demand when x = 3.

(b) Find the values of x and p that maximize the total revenue.

x=____units

p=____

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