of copies Foothill Bookstore can sell each week if it sets the price a when the price is set to $40 per copy. SH- dp q A) Find the price elasticity of demand, E = -Ca) = C400-8)" 100 9² = Too — (400-p3² 160 =1 (00 .2 (400-р.). ep 800-29 (0-12 = 100 1-800-20 100 800-100 (400-5) q= (400-402² 36 C 0.0100 (0
of copies Foothill Bookstore can sell each week if it sets the price a when the price is set to $40 per copy. SH- dp q A) Find the price elasticity of demand, E = -Ca) = C400-8)" 100 9² = Too — (400-p3² 160 =1 (00 .2 (400-р.). ep 800-29 (0-12 = 100 1-800-20 100 800-100 (400-5) q= (400-402² 36 C 0.0100 (0
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 13CQ: Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a....
Related questions
Question
Answer A, B, and C, with the information provided. Show all work.
![Part IV-Elasticity
Jedw9vo snimetab of ti eu ner
noinnut ov
1. The demand curve for the graphic novel Night of the Owl is given by,
bnogga on noi eleviens neizs 15undario E
ini beutalsvemi
on
q=
(400-p)²
9
100
(0≤p≤400)
where g is the number of copies Foothill Bookstore can sell each week if it sets the price a $p.
A) Find the price elasticity of demand, E
da P
==
when the price is set to $40 per copy. SHOW WORK.
dp q
(9)
= √(400-p) ²
de
100
*
9² = Tou (400-p²¹
- 20
100
дуг
=1
-2 (400-p).
.
سهام
100
800-29
=
100
F
1-800-20
100
E = (²800-2C401) = 40
9
-100-70). 40
= 720
10
100
9
(1
-720
40
100
1296
= 7.2-0.0308642
E=0.22222
..
●
(400-5)
Co-12
(400-407² 3602 129600
q=
C
0.0100
(00
100
/9=1296]
соду,
When the copy,
the elasticity of demand is [E=0.222....
price is set to $40.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc2e37893-b1d8-4cac-bb15-a057cf9332c6%2F7a9084d6-dc7e-41f3-b10b-3a224063f0fd%2Fxgpgee4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Part IV-Elasticity
Jedw9vo snimetab of ti eu ner
noinnut ov
1. The demand curve for the graphic novel Night of the Owl is given by,
bnogga on noi eleviens neizs 15undario E
ini beutalsvemi
on
q=
(400-p)²
9
100
(0≤p≤400)
where g is the number of copies Foothill Bookstore can sell each week if it sets the price a $p.
A) Find the price elasticity of demand, E
da P
==
when the price is set to $40 per copy. SHOW WORK.
dp q
(9)
= √(400-p) ²
de
100
*
9² = Tou (400-p²¹
- 20
100
дуг
=1
-2 (400-p).
.
سهام
100
800-29
=
100
F
1-800-20
100
E = (²800-2C401) = 40
9
-100-70). 40
= 720
10
100
9
(1
-720
40
100
1296
= 7.2-0.0308642
E=0.22222
..
●
(400-5)
Co-12
(400-407² 3602 129600
q=
C
0.0100
(00
100
/9=1296]
соду,
When the copy,
the elasticity of demand is [E=0.222....
price is set to $40.
Transcribed Image Text:B) Is this price elastic or inelastic? Should the boosktore charge more or less to maximize revenue?
Explain. This
price is inelastic,
ty for
panan
DEGIS ART
C) What is the elasticity of the price that maximizes revenue. Write an equation using this value whose
solution gives the price maximizing weekly revenue for the bookstore. SHOW WORK.
D) What is the maximum weekly revenue? SHOW WORK and give final answer in sentence form.
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