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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. Demand is unitary elastic.Demand is elastic.     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.

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. Demand is unitary elastic.Demand is elastic.     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.

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.
Demand is unitary elastic.Demand is elastic.     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.
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.) %D (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. Demand is unitary elastic. Demand is elastic. 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. O O O O O O
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.) %D (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. Demand is unitary elastic. Demand is elastic. 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. O O O O O O
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