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In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by 2p²q = 30,000 + 9000p². (a) Find the elasticity when p = $50 and q = 4506. (Round your answer to four decimal places.) (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. O Demand is unitary elastic. O Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? O An increase in price increases revenue. O Revenue is unaffected by price. O An increase in price decreases revenue.

In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by 2p²q = 30,000 + 9000p². (a) Find the elasticity when p = $50 and q = 4506. (Round your answer to four decimal places.) (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. O Demand is unitary elastic. O Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? O An increase in price increases revenue. O Revenue is unaffected by price. O An increase in price decreases revenue.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 18T
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In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by 2p²q = 30,000 + 9000p². (a) Find the elasticity when p = $50 and q = 4506. (Round your answer to four decimal places.) (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. O Demand is unitary elastic. Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? An increase in price increases revenue. Revenue is unaffected by price. An increase in price decreases revenue.
Transcribed Image Text:In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by 2p²q = 30,000 + 9000p². (a) Find the elasticity when p = $50 and q = 4506. (Round your answer to four decimal places.) (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. O Demand is unitary elastic. Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? An increase in price increases revenue. Revenue is unaffected by price. An increase in price decreases revenue.
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