Explanation Given information: The demand curve for a product is given by q = 1000 − 2 p 2 , where p is the price and q is corresponding demand. Calculation: As per the given information, The demand curve for a product is given by q = 1000 − 2 p 2 , where p is the price and q is corresponding demand. Here, q = 1000 − 2 p 2 ⇒ d q d p = 0 − 2 ⋅ 2 p ⇒ d q d p = − 4 p Elasticity of a product is given by, E = | p q ⋅ d q d p | ⇒ E = | p q ⋅ ( − 4 p ) | ⇒ E = 4 p 2 q Maximum revenue is achieved when elasticity of a product is equal to 1

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Author: DA

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Chapter 4.6, Problem 17P

To determine

The exact price that maximizes revenue.

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Chapter 4.6, Problem 16P

Chapter 4.6, Problem 18P

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The exact price that maximizes revenue.

Solution Summary: The author calculates the demand curve for a product, where p is the price and q is corresponding demand.

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The exact price that maximizes revenue.

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Chapter 4 Solutions