Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 - 0.02x where x is the number of tapes that can be sold at $p per roll of tape. (a) Express the demand x as a function of price p. Find the domain of this function. (b) Find the elasticity of demand, E (p), in reduced form. (c) If Mead Plumbing decides to increase their current price, would their revenue increase or decrease? Explain how you arrived at your answer.
Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 - 0.02x where x is the number of tapes that can be sold at $p per roll of tape. (a) Express the demand x as a function of price p. Find the domain of this function. (b) Find the elasticity of demand, E (p), in reduced form. (c) If Mead Plumbing decides to increase their current price, would their revenue increase or decrease? Explain how you arrived at your answer.
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter2: Functions
Section2.4: Average Rate Of Change Of A Function
Problem 4.2E: bThe average rate of change of the linear function f(x)=3x+5 between any two points is ________.
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can you do it on paper please thanks ;)
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