the consumer demand for a given product (where x represents number of units and “p” represents price is money) given by the function: x=(45-3p)^2 a) using the concept of elasticity of demand, determine the price that the product should be sold at to maximize revenue. round to the nearest 10th b) what is the elasticity of demand (ecp) ?

the consumer demand for a given product (where x represents number of units and “p” represents price is money) given by the function: x=(45-3p)^2 a) using the concept of elasticity of demand, determine the price that the product should be sold at to maximize revenue. round to the nearest 10th b) what is the elasticity of demand (ecp) ?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 5SQP: Suppose a university raises its tuition from 3,000 to 3,500. As a result, student enrollment falls...

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