Chapter 11.5, Problem 11E

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

In Problems 11 and 12, the demand functions for specialty steel products are given, where p is in dollars and *q* is the number of units. For both problems

(a) find the elasticity of demand as a function of the quantity demanded, *q.*

(b) find the point at which the demand is of unitary elasticity and find intervals in which the demand is inelastic and in which it is elastic.

(c) use information about elasticity in part (b) to decide where the revenue is increasing, where it is decreasing, and where it is maximized.

(d) use the graph of the revenue function

**(a)**

To determine

**To calculate:** The elasticity of demand function

Explanation

**Given Information:**

The provided function is

**Formula Used:**

As per the product rule, if two functions are given in the form

If

Elasticity of demand function is given by:

**Calculation:**

Consider the provided function,

Partially differentiate on both the sides with respect to *p*,

From this, compute the value of

**(b)**

To determine

**To calculate:** The point for the expression

**(c)**

To determine

Whether the revenue is increasing, where it is decreasing and where it is maximized. Use the information about elasticity in part (b) to decide this.

**(d)**

To determine

**To graph:** The function

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