2. Given the price- demand equation: p+0.02r= 60 a) Express the demand x as a function of the price p. b) Find the elasticity of demandE (p). c) (i) Determine whether the demand is elastic, inelastic, or has unit elasticity when p $35: (ii) Hence, if the price increased by 8%, will the revenue increase or decrease?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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2. Given the price- demand equation: p+0.02r= 60
a) Express the demand x as a function of the price p.
b) Find the elasticity of demand E (p).
c) (i) Determine whether the demand is elastic, inelastic, or has unit elasticity when p $35;
(ii) Hence, if the price increased by 8%, will the revenue increase or decrease?
Transcribed Image Text:2. Given the price- demand equation: p+0.02r= 60 a) Express the demand x as a function of the price p. b) Find the elasticity of demand E (p). c) (i) Determine whether the demand is elastic, inelastic, or has unit elasticity when p $35; (ii) Hence, if the price increased by 8%, will the revenue increase or decrease?
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