The demand equation for a product is given I4рg + 3р? + q %3D 82-4q-6pdqa) Show thatdp( show all steps4р+1b) Find the elasticity when p=4c) What type of elasticity?d) What will happen to revenue if there is a small priceincrease?

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Answered: 4pq + 3p² +q = 82 dq a) Show that dp…

4pq + 3p² +q = 82 dq a) Show that dp -4q-6p ( show all steps 4p+1 b) Find the elasticity when p=4 c) What type of elasticity?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The demand equation for a product is given I
4рg + 3р? + q %3D 82
-4q-6p
dq
a) Show that
dp
( show all steps
4р+1
b) Find the elasticity when p=4
c) What type of elasticity?
d) What will happen to revenue if there is a small price
increase?

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