5. Submit answer Get help Practice similar The demand function for a Christmas music CD is given by q=0.25(3400 p²) where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. (a) Evaluate the elasticity at p = 35. E(35) = (b) Given the computed elasticity value in part (a), is the Christmas music CD an Elastic or Inelastic item? Elastic (c) Should the unit price be lowered slightly from p = 35 in order to increase revenue? yes ▾ (d) Find the value for E to maximize revenue. E = Submit answer
5. Submit answer Get help Practice similar The demand function for a Christmas music CD is given by q=0.25(3400 p²) where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. (a) Evaluate the elasticity at p = 35. E(35) = (b) Given the computed elasticity value in part (a), is the Christmas music CD an Elastic or Inelastic item? Elastic (c) Should the unit price be lowered slightly from p = 35 in order to increase revenue? yes ▾ (d) Find the value for E to maximize revenue. E = Submit answer
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The demand function for a Christmas music CD is given by
q=0.25(3400 p²)
where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars.
(a) Evaluate the elasticity at p = 35. E(35) =
(b) Given the computed elasticity value in part (a), is the Christmas music CD an Elastic or Inelastic item? Elastic
(c) Should the unit price be lowered slightly from p = 35 in order to increase revenue? yes ▾
(d) Find the value for E to maximize revenue. E =
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