The monthly demand function for a particular product is q=f(p)=2400-15p, where q is stated in units and p is the price in dollars. i) Determine (a) the Revenue function, (b) concavity, (c) revenue at a price of $50, (d) at what price will the revenue be maximized, (e) graph the revenue function. ii) In general how we determine Maximum and minimum value of Quadratic function. What does concavity tell us about the function’s behaviour?

Worldwide annual sales on smart phones over a two year period were approximately q=-5p+3090 million phones at the selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E. E=______ (b) in one of the years the actual selling price was $355 per phone. What was the corresponding price elasticity of demand? E=______ The demand is going (up/down) by about _____% per 1% increase in that price level.

Ursula's utility function is In(x) + 6y, her income is 12, and both prices are 1. (a) What is her demand for x? (b) What is her own-price elasticity for x? (c) What is her income elasticity for x?

The inverse demand function for a product is defined as: Px = -0.5 Qx + 4. what is the slope and the midpoint elasticity of demand respectively? Hint: to calculate draw a table or draw the demand curve. O-0.5, -0.6 O-0.5, -0.5 O-0.5, +0.6 O-0.5, +0.5

The weekly demand function is given by p+x+4xp = 68, where x is the number of thousands of units demanded weekly and p is in dollars. If the price pis decreasing at a rate of 91 cents per week when the level of demand is 5000 units, which one of the following statements is true? Demand is decreasing at 1330 units per week Demand is decreasing at 1470 units per week Demand is increasing at 1470 units per week O Demand is increasing at 1400 units per week O Demand is decreasing at 1400 units per week

2. The demand function for a certain item is given by D (p) = 1000 - p³ Find the elasticity of demand to decide if the manufacturer should raise or lower the price from the current price of $5?

Suppose the price elasticity is -0.4. Then, a 10% increase in price will decrease the quantity demanded by     options:    A)0.4%  B)4%  C)25%  D)40%

Suppose the own price elasticity of demand for good X is −2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is −6. Determine how much the consumption of this good will change if:Instructions: Enter your responses as percentages. If you are entering a negative number, be sure to use a (−) sign.a. The price of good X decreases by 5 percent. percentb. The price of good Y increases by 10 percent. percentc. Advertising decreases by 2 percent. percentd. Income increases by 3 percent.  percent

Define consumer behavior as it relates to patterns of consumption relative to utility, marginal utility, and law of diminishing marginal utility. How does the concept of price elasticity of demand & supply (“PED" &” PES”) relate to consumer choices and it’s influence on total revenue?

The price elasticity of demand for a good is calculated as 1.36. From this elasticityco-efficient, we can tell that:(2)(1) The good is not a necessity;(2) The good has many close substitutes;(3) Producers can increase total revenue by decreasing the price of the good;(4) Statements 1, 2 and 3 are all correct.