Let a demand function be given x=3*(p-55)^2 (a) Find the Revenue when the price per item is 25 dollars (b) Find the elasticity when the price per item is 25 dollars (c) If a price increase of 3 percent is necessary, find the new revenue bartleby
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Let a demand function be given x=3*(p-55)^2
(a) Find the Revenue when the price per item is 25 dollars
(b) Find the elasticity when the price per item is 25 dollars
(c) If a price increase of 3 percent is necessary, find the new revenue bartleby
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- 4x+200 A garden shop determines the demand function q = D(x) = 30x+9 during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is4x + 500 10x +9 the number of plants sold per day when the price is x dollars per plant. A garden shop determines the demand function q = D(x) = (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is during early summer for tomato plants where q is M IrConsider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).
- In Problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function pq = 81 at p = 3.The demand function for your product is: Q(P) = 1478-22P where P is price Assuming that P=$50 Calculate the point price elasticity of demand.2x + 500 A garden shop determines the demand function q =| D(x) = during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. 20x +9 (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is. (b) When x = 3, the elasticity is| (Simplify your answer. Type an integer or a fraction) (c) Fill in the blank below. At $3 per plant, a small increase in price will cause the total revenue to
- Economics In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 6q = 180 at (q, p) = (15, 90).The demand function of a certain commodity is X = 30 2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p +6g = 180 at (q, p) = (15,90). 90 (b) How will a price increase affect total revenue? Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. O Since the demand is inelastic, an increase in price will increase the total revenue. X
- Given the function below, complete parts (a) through (c). q=D(x)=kxn, where k is a positive constant and n is an integer greater than 0. (a) Find the elasticity of the demand function. (b) Is the value of the elasticity dependent on the price per unit? (c) Does the total revenue have a maximum? When?The demand function for an item is given by d(x) = 100/ 0.01x 2 + 1 (20 ≤ x ≤ 50) where d(x) (measured in units of a thousand) is the quantity demanded per weak and x is the unit price in dollars. (a) Find the rate of change in demand with respect to price. (b) How fast is the demand changing at price equal to 30 (x = 30)?Suppose that the price per unit p as a function of the demanda is p = 478.8 -0.9x. (a) Calculate the price elasticity of demand when x = 132. n = -2.44, therefore the demand is elastic (b) Calculate the price elasticity of demand when x = 425. n = -0.202 therefore the demand is inelastic (c) Find the demand that gives unit elasticity. x = 266.0 ✓
