/16 I tried this but failed can smoneone explain to me A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 777-24x, where q is the quantity of cookies sold when the price per cookie, in cents, is x. Use this information to answer parts a) through f).a) Find the elasticity.E(x)=b) At what price is the elasticity of demand equal to 1?¢(Round to the nearest cent as needed.)c) At what prices is the elasticity of demand elastic?O A. Greater than 16¢O B.O C.O D. Less than 16¢Prices cannot be elastic in this casePrices are elastic at all values.d) At what prices is the elasticity of demand inelastic?O A. Less than 16¢OB. Prices cannot be inelastic in this caseO C. Prices are inelastic at all valuesO D. Greater than 16¢e) At what price is the revenue a maximum?x=¢(Round to the nearest cent as needed. Use a comma to separate answers as needed.)f) At a price of 17¢ per cookie, will a small increase in price cause the total revenue to increase or decrease?oIncreaseC Decrease

Elasticity is measured as the percentage change in quantity divided by the percentage change in…

A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 777-24x, where q is the quantity of cookies sold when the price per cookie, in cents, is x. Use this information to answer parts a) through f). a) Find the elasticity. E(X)= b) At what price is the elasticity of demand equal to 1? e (Round to the nearest cent as needed.) c) At what prices is the elasticity of demand elastic? OA. Greater than 16 O B. Prices cannot be elastic in this case OC. Prices are elastic at all values. O D. Less than 16g

A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 777-24x, where q is the quantity of cookies sold when the price per cookie, in cents, is x. Use this information to answer parts a) through f). a) Find the elasticity. E(X)= b) At what price is the elasticity of demand equal to 1? e (Round to the nearest cent as needed.) c) At what prices is the elasticity of demand elastic? OA. Greater than 16 O B. Prices cannot be elastic in this case OC. Prices are elastic at all values. O D. Less than 16g

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

/16 I tried this but failed can smoneone explain to me

A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 777-24x, where q is the quantity of cookies sold when the price per cookie, in cents, is x. Use this information to answer parts a) through f).
a) Find the elasticity.
E(x)=
b) At what price is the elasticity of demand equal to 1?
¢(Round to the nearest cent as needed.)
c) At what prices is the elasticity of demand elastic?
O A. Greater than 16¢
O B.
O C.
O D. Less than 16¢
Prices cannot be elastic in this case
Prices are elastic at all values.
d) At what prices is the elasticity of demand inelastic?
O A. Less than 16¢
OB. Prices cannot be inelastic in this case
O C. Prices are inelastic at all values
O D. Greater than 16¢
e) At what price is the revenue a maximum?
x=¢
(Round to the nearest cent as needed. Use a comma to separate answers as needed.)
f) At a price of 17¢ per cookie, will a small increase in price cause the total revenue to increase or decrease?
o
Increase
C Decrease

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