36. Vanity license plates. According to a pricing model,increasing the fee for vanity license plates by $1 de-creases the percentage of a state's population thatwill request them by 0.04%. (Source: E. D. Craft, "Thedemand for vanity (plates): Elasticities, net revenuemaximization, and deadweight loss," ContemporaryEconomic Policy, Vol. 20, 133–144 (2002).)a) Recently, the fee for vanity license plates inMaryland was $25, and the percentage of the state'spopulation that had vanity plates was 2.13%. Usethis information to construct the demand function,q(x), for the percentage of Maryland's populationthat will request vanity license plates for a fee of xdollars.b) Find the fee, x, that will maximize revenue fromvanity plates.

a) Consider that the fee for vanity license plates in Maryland was $25, and the percentage of state…

Answered: 36. Vanity license plates. According to…

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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TABLE 8.1 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmaried, diverced, or legally separated Married and ach parteer files eparate tar rete Married and berh partren file single tar retee Unmarried and paying mare than half the cest of sepperting ekildr pareet Married Filing Separately Married Filing Jointly Head of Household Тах Rate Single 10% up to $9275 up to $9275 up to $18,550 up to $13.250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75,950 $75,301 to $151,900 $50,401 to $130,150 28% $91,151 to $190,150 S75,951 to $115,725 $151,901 to $231,450 $130,151 to $210,800 33% $190,151 to $413,350 SI15,726 to $206,675 $231,451 to $413,350 $210,801 to $413,350 35% $413,351 to $415,050 $206,676 to $233,475 $413,351 to $466,950 $413,351 to $441,000 39.6% mure than $441,000 more than S415.050 more than $233.475 mure than $466,950 Standard Deduction $6300 $600 $12,600 $9300 Exemptions (per person) $4050 S4050…
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