.A bakery works out a demand function for its chocolate chipcookies and finds it to be q = D(x) = 985 - 17x where q is thequantity of cookies sold when the price per cookie, in cents, is x.a) Find the elasticity.b) At what price is the elasticity of demand equal to 1?(Round to nearest cent)c) At what price is the elasticity of demand elasticand at what price is the revenue a maximum?d) At a price of 30 cents per cookie, will a small increase inprice cause the total revenue to increase or decrease?

We have demand function as:where q is the quantity of cookies sold when the price per cookie is x in…

Answered: A bakery works out a demand function…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

The change in price of a certain currency is defined by the function C(x)=2x³-63.x²+408-x+26, where 3 < x < 18, represents the last 15 years and C(x) is its price (in dollars) at time x. Using Derivatives only, answer the following questions: a) What was its price at the start of this period: b) Calculate the year it had its maximum value: c) What was its maximum value: dollars. d) Calculate the year it had its minimum value: e) What was its minimum value: ✔ dollars. dollars.
Please answer the first one
The monthly demand function for a product sold by a monopoly is p=1860-1/3x2 dollars the average cost is c=900+2x+x2 dollars. Production is limited to 1000 units and x is in hundred of units. (a) Find the quanity(in hundred of units) that will give maximum profits (b) Find the maximum profit. (Round yur answer to the nearest cent.)
The total revenue for a product can be calculated as the area under the demand curve. Suppose that the demand curve for a certain wine (in dollars per liter) is given by the following, where is the demand in liters. Estimate the total revenue using rectangles of width 10 ters D(4) = ² -10q+267 for 0 sqs50 The approximate revenue using left endpoints is The approximate revenue using right endpoints is $ The approximate revenue using the average is $
The monthly demand function for a product sold by a monopoly is p=860-1/3x2 dollars, and the average cost is c=900+x2 dollars.production is limited to 1000 units and x is in hundred units. (a) Find the quanity (in hundreds of units) that will give maximum profits. (b) Find the maximum profit. (Round your answers to the nearest cent)
You have been hired as an economic consultant concerning the world demand for oil. The demand function is q = D(p) = 50000 + 300p - 3p^2, for 0 < x ≤ 180, where q is measured in millions of barrels of oil per day at a price of p dollars per barrel. Find the price elasticity of demand equation. Find the elasticity at a price of $135 per barrel. i. State whether demand is elastic, inelastic, or unit elastic at that price. ii. If price were increased by 5%, by how much will quantity demandedchange?iii. Based on the elasticity of demand, how will this 5% increase in price impact total revenue (will it increase, decrease or remain unchanged)? Explain how we know. iv. Prove you are right by finding total revenue at $135 and at a 5% increase in price.

Recommended textbooks for you

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Mathematics For Machine Technology

Advanced Math

ISBN:

9781337798310

Author:

Peterson, John.

Publisher:

Cengage Learning,

Basic Technical Mathematics

Advanced Math

ISBN:

9780134437705

Author:

Washington

Publisher:

PEARSON

Topology

Advanced Math

ISBN:

9780134689517

Author:

Munkres, James R.

Publisher:

Pearson,

SEE MORE TEXTBOOKS