The manager of a bicycle shop has found that, at a price (in Rands) of p(x) = 150 –x/4 per bicycle, x bicycles will be sold . Answer the following: • Find an expression for the total revenue from the sale of x bicycles. (Hint: Revenue = Demand *Price. ) • Find the expression for the quantity to be sold q if the demand function demand is given by p = -10q + 3200 • What is the number of bicycles x, sold if the price is R40

The manager of a bicycle shop has found that, at a price (in Rands) of p(x) = 150 –x/4 per bicycle, x bicycles will be sold . Answer the following: • Find an expression for the total revenue from the sale of x bicycles. (Hint: Revenue = Demand *Price. ) • Find the expression for the quantity to be sold q if the demand function demand is given by p = -10q + 3200 • What is the number of bicycles x, sold if the price is R40

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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