The price-demand equation and the cost function for the production of active styluses are given, respectively by p = 470 -0.05x and C(x) = 160,000 + 22x a) Find the domain of the given price-demand function. b) Write the demand x in terms of the price p.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter2: Fundamental Economic Concepts
Section: Chapter Questions
Problem 1E: For each of the determinants of demand in Equation 2.1, identify an example illustrating the effect...
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The price-demand equation and the cost function for the production of active styluses are
given, respectively by
p = 470 -0.05x and C(x) = 160,000 + 22x
a) Find the domain of the given price-demand function.
b) Write the demand x in terms of the price p.
c) Find the price elasticity of demand, E (p).
d) Given a price of $150, determine whether the price should be increased or
decreased in order to increase revenue.
e) Find the revenue function, R(x).
f) Calculate the number of styluses the company should sell in order to maximize
revenue.
g) Find the approximate cost of producing the 140th stylus.
Transcribed Image Text:The price-demand equation and the cost function for the production of active styluses are given, respectively by p = 470 -0.05x and C(x) = 160,000 + 22x a) Find the domain of the given price-demand function. b) Write the demand x in terms of the price p. c) Find the price elasticity of demand, E (p). d) Given a price of $150, determine whether the price should be increased or decreased in order to increase revenue. e) Find the revenue function, R(x). f) Calculate the number of styluses the company should sell in order to maximize revenue. g) Find the approximate cost of producing the 140th stylus.
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The price-demand equation and the cost function for the production of active styluses are
given, respectively by
p = 470 -0.05x and C(x) = 160,000 + 22x
g) Find the approximate cost of producing the 140th stylus.
Transcribed Image Text:The price-demand equation and the cost function for the production of active styluses are given, respectively by p = 470 -0.05x and C(x) = 160,000 + 22x g) Find the approximate cost of producing the 140th stylus.
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Follow-up Question
The price-demand equation and the cost function for the production of active styluses are
given, respectively by
p = 470 -0.05x and C(x) = 160,000 + 22x
d) Given a price of $150, determine whether the price should be increased or
decreased in order to increase revenue.
e) Find the revenue function, R(x).
f) Calculate the number of styluses the company should sell in order to maximize
revenue.
g) Find the approximate cost of producing the 140th stylus.
Transcribed Image Text:The price-demand equation and the cost function for the production of active styluses are given, respectively by p = 470 -0.05x and C(x) = 160,000 + 22x d) Given a price of $150, determine whether the price should be increased or decreased in order to increase revenue. e) Find the revenue function, R(x). f) Calculate the number of styluses the company should sell in order to maximize revenue. g) Find the approximate cost of producing the 140th stylus.
Solution
Bartleby Expert
SEE SOLUTION
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