**3. The price-demand equation for a milk shake at a fast food restaurant is given by:** \[ 0.1x + 10p = 30. \]---**(a) For what range of \( p \) values is this price-demand equation valid?**\[ \text{Answer:} \quad \_\_\_\_\_\_\_\_\_ \]---**(b) Find the elasticity \( E(p) \), and then evaluate \( E(1.80) \).**\[ E(p) = \quad \_\_\_\_\_\_\_\_\_ \]\[ E(1.80) = \quad \_\_\_\_\_\_\_\_ \]Recall that for relatively small changes in price from \( p \) to \( p + \Delta p \), \[ E(p) \approx -\frac{\% \text{ change in } x}{\% \text{ change in } p}. \]---**(c) If the restaurant raises the price for a milk shake from 1.80 to 1.89 (a 5% increase):**(i) Will the revenue from selling shakes go up or down? \[ \text{Answer:} \quad \_\_\_\_\_\_\_\_\_ \](ii) By about what percentage will the demand for shakes drop? \[ \text{Answer:} \quad \_\_\_\_\_\_\_\_\_ \]---**(d) If the restaurant drops the price for a milk shake from 1.80 to 1.74 (a \( 3 \frac{1}{3}\% \) drop):**(i) Will the revenue from selling shakes go up or down? \[ \text{Answer:} \quad \_\_\_\_\_\_\_\_\_ \](ii) By about what percentage will the demand for shakes increase? \[ \text{Answer:} \quad \_\_\_\_\_\_\_\_\_ \]

As per the guidelines we are suppose to answer only first 3 subparts. Please repost the rest of the…

Answered: 3. The price-demand equation for a milk…

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

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A standard "money demand" function used by macroeconomists has the form In(m) = Bo + B, In(GDP) + B2R, Where m is the quantity of (real) money, GDP is the value of (real) gross domestic product, and R is the value of the nominal interest rate measured in percent per year. Supposed that B, = 2.15 and B, = -0.06. %3D What is the expected change in m if GDP increases by 3%? The value of m is expected to V by approximately%. (Round your response to the nearest integer) What is the expected change in m if the interest rate increases from 1% to 9%? The value of m is expected to ▼ by approximately %. (Round your response to the nearest integer)
54. U.S. households with cable/satellite TV Suppose the rate of change of the percent P of U.S. households with cable/satellite TV can be modeled by dP 46.20 %3D dt t + 5 where t is the number of years past 1975. (a) Use integration and the data point for 2007 to find the function P(t) that models the percent of U.S. households with cable/satellite TV. (b) How well does the model from part (a) fit the data in the table? Explain. (c) If the model remains valid, use it to predict the percent of U.S. households with cable/satellite TV in 2020. Year Percent Year Percent 1980 22.6 2000 67.8 1985 46.2 2005 85.7 1990 59.0 2007 83.8 1995 65.7 2009 89.7 Source: Nielsen Media Research
A company estimates that the cost of new capacity additions follows the function f(y) = 0.0358y0.66, where y is the number of units and f(y) in millions of dollars. Demand is increasing at a rate of 3,500 units per year. The company uses a 10% per year interest rate. What is the present value of the cost of the next nine capacity additions?
The following graph shows the approximate value of the United States Consumer Price Index (CPI) from December 2006 through July 2007. On the graph titled "CPI Dec 2006-July 2007," the horizontal axis is labeled t and the vertical axis is labeled I(t). The curve begins at the point (0, 202), goes up and right becoming more steep, passes through the approximate point (3.5, 205.5), goes up and right becoming less steep, and ends at the approximate point (7, 208.7). The approximating curve shown on the figure is given by I(t) = −0.04t3 + 0.4t2 + 0.1t + 202 (0 ≤ t ≤ 7), where t is time in months since the start of December 2006. (a) Use the model to estimate the monthly inflation rate in January 2007 (t = 1). Recall that the inflation rate is I′(t) I(t) . (Round your answer to three decimal places.) (b) Was inflation slowing or speeding up in January 2007? slowing downspeeding up (c) When was inflation speeding up? When was inflation…
Find the turning point(s) of the following function: f(z) = -(1/3)z3 - 22 + 3z + 8 %3D Select one: a. x = 3 and x = 1 O b. x = -3 and x = -1 O C. X = 3 and x = -1 O d. x = -3 and x = 1 Find the second derivative of the following function: g(x) = -3re %3D Select one: O a. g"(x) = -6xe-6e O b. g" (x) = -3re O c. g"(x) = 3xe-6e Od. g" (x) 3xe-3e =
The function I (t) = - 0.2t3 + 3t2 +100 for 0 ≤ t ≤ 9 gives the CPI of an economy, where t = 0 corresponds to the beginning of 2014. Calculate the inflation rate at the end of 2024.

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