The average revenue function for a commodity is p = 50 – 4q. Find edp when: demand = 5 units ; price = Rs. 6. Find consumer’s surplus at price = Rs. 6
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The average revenue function for a commodity is p = 50 – 4q. Find edp when:
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- The price elasticity of demand for air travel differs radically from first-class (1.3) to unrestricted coach (1.4) to restricted discount coach (1.9). What do these elasticities mean for optimal prices (fares) on a cross-country trip with incremental variable costs (marginal costs) equal to $120?The demand function for a certain brand of CD is given by p = -0.01x^2 - 0.2x +10 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determiine the producer's surplus if the market price is set at the equilibrium price. (round answer to neareset dollar) P = 0.01x^2 + 0.4x +2In this problem, p is in dollars and x is the number of units. If the demand function for a product is p = 28/(x + 1) and the supply function is p = 1 + 0.2x, find the consumer's surplus under pure competition. (Round your answer to two decimal places.)
- Find the demand function for the marginal function below. Recall that if no items are sold, the revenue is $0. R'(x) = 0.03x2-0.08x + 196The demand function of a good is P = (123 - 5Q)0.6 .Find the value of Q which maximizes total revenue. Round your answer to 1 decimal place.The demand function for a certain product is given by p = 50 – 10q where q is thequantity and q is the price. Find the consumers’ surplus (C.S) if the market equilibrium pointis (3, 20).
- The price p (in dollars) and the quantity q sold of a certain product obey the demand Equation : q = 800 - 20p and 0 ≤ p ≤ 40 Express the revenue R as a function of q. What is the revenue if 20 units are sold? What quantity q maximizes revenue? What is the maximum revenue? What price should the company charge to maximize revenue? What price should the company charge to earn at least $3500 in revenue?The total revenue function of a good is given by TR=100 Q - Q2 If the current demand is 40. The estimated change in the value of TR due to a 3 unit decrease in Q is: a. 40 b. 60 c. - 60 d. - 40Suppose the demand function to be Qd=600-5P when Qd is the quantity demanded and P stands for price. Estimate the price at which demand would be zero.
- The demand function for a certain product is given by p = 500 + 1000/q+1 where p is the price and q is the number of units demanded. Find the average price as demand ranges from 46 to 96 units. (Round your answer to the nearest cent.)Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demand for these two cameras are as follows (DS = demand for the Sky Eagle, Ps is the selling price of the Sky Eagle, DH is the demand for the Horizon and PH is the selling price of the Horizon): Ds = 225 - 0.6 Ps + 0.3 PH DH = 270 + 0.1 Ps - 0.58 PH The store wishes to determine the selling price that maximizes revenue for these two products. Select the revenue function for these two models. Choose the correct answer below. (i) Ps Ds + PHDH = PH(270 - 0.1 Ps - 0.58 PH) + Ps(225 - 0.6 Ps + 0.3 PH) (ii) Ps Ds - PH DH = Ps(225 - 0.6 Ps + 0.3 PH) - PH(270 - 0.1 Ps - 0.58 PH) (iii) Ps Ds + PH DH = Ps(225 - 0.6 Ps + 0.3 PH) + PH(270 + 0.1 Ps - 0.58 PH) (iv) Ps Ds - PH DH = Ps(225 + 0.6 Ps + 0.3 PH) - PH(270 - 0.1 Ps - 0.58 PH) Find the prices that maximize revenue. Do not round intermediate calculations. If required, round your answers to two decimal places. Optimal Solution: Selling price of…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=____ (c) For the value of x found in part (b), find the price elasticity of demand.
