Chapter 5.6, Problem 14E

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7th Edition

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ISBN: 9781337291248

Textbook Problem

**Demand for Fried Chicken** A fried chicken franchise finds that the demand equation for its new roast chicken product, “Roasted Rooster,” is given by

*p* is the price (in dollars) per quarter-chicken serving and *q* is the number of quarter-chicken servings that can be sold per hour at this price. Express *q* as a function of *p*, and find the price elasticity of demand when the price is set at $4 per serving. Interpret the result.

To determine

**To calculate:** The price elasticity of demand if price was set at

Explanation

**Given Information:**

The demand for chicken serving is

**Formula used:**

Price Elasticity of Demand:

The price elasticity of demand

The demand is elastic if

**Calculation:**

The demand for chicken serving is

Solving for

Taking derivative of

Consider the formula:

Substituting value of derivative of

Sect-5.1 P-1ESect-5.1 P-2ESect-5.1 P-3ESect-5.1 P-4ESect-5.1 P-5ESect-5.1 P-6ESect-5.1 P-7ESect-5.1 P-8ESect-5.1 P-9ESect-5.1 P-10E

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P-7ESect-5.6 P-8ESect-5.6 P-9ESect-5.6 P-10ESect-5.6 P-11ESect-5.6 P-12ESect-5.6 P-13ESect-5.6 P-14ESect-5.6 P-15ESect-5.6 P-16ESect-5.6 P-17ESect-5.6 P-18ESect-5.6 P-19ESect-5.6 P-20ESect-5.6 P-21ESect-5.6 P-22ESect-5.6 P-23ESect-5.6 P-24ESect-5.6 P-25ESect-5.6 P-26ESect-5.6 P-27ESect-5.6 P-28ESect-5.6 P-29ESect-5.6 P-30ESect-5.6 P-31ESect-5.6 P-32ESect-5.6 P-33ESect-5.6 P-34ESect-5.6 P-35ESect-5.6 P-36ESect-5.6 P-37ESect-5.6 P-38ESect-5.6 P-39ESect-5.6 P-40ECh-5 P-1RECh-5 P-2RECh-5 P-3RECh-5 P-4RECh-5 P-5RECh-5 P-6RECh-5 P-7RECh-5 P-8RECh-5 P-9RECh-5 P-10RECh-5 P-11RECh-5 P-12RECh-5 P-13RECh-5 P-14RECh-5 P-15RECh-5 P-16RECh-5 P-17RECh-5 P-18RECh-5 P-19RECh-5 P-20RECh-5 P-21RECh-5 P-22RECh-5 P-23RECh-5 P-24RECh-5 P-25RECh-5 P-26RECh-5 P-27RECh-5 P-28RECh-5 P-29RECh-5 P-30RECh-5 P-31RECh-5 P-32RECh-5 P-33RECh-5 P-34RECh-5 P-35RECh-5 P-36RECh-5 P-37RECh-5 P-38RE

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