The demand function for specialty steel products is given, where p is in dollars and g is the number of units. p = 105150 – q (a) Find the elasticity of demand as a function of the quantity demanded, q. 450 - З9 (b) Find the point at which the demand is of unitary elasticity. q = 112.5 Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic (112.5) elastic -00,112.5 (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing n<1 decreasing n> 2 Use information about elasticity in part (b) to decide where the revenue maximized. 9 = 112.5
The demand function for specialty steel products is given, where p is in dollars and g is the number of units. p = 105150 – q (a) Find the elasticity of demand as a function of the quantity demanded, q. 450 - З9 (b) Find the point at which the demand is of unitary elasticity. q = 112.5 Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic (112.5) elastic -00,112.5 (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing n<1 decreasing n> 2 Use information about elasticity in part (b) to decide where the revenue maximized. 9 = 112.5
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....
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