A highly traded commodity has a price-demand relationship of q=120- Jp. %3D a) Construct the Elasticity function, E =4.P, and simplify it. dp q b) Find the Elasticity at a price of $8100. (FRACTION answer, NO DECIMALS) c) Determine the price where Revenues are Maximized. SHOW ALL WORK.
A highly traded commodity has a price-demand relationship of q=120- Jp. %3D a) Construct the Elasticity function, E =4.P, and simplify it. dp q b) Find the Elasticity at a price of $8100. (FRACTION answer, NO DECIMALS) c) Determine the price where Revenues are Maximized. SHOW ALL WORK.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![A highly traded commodity has a price-demand relationship of q=120- Jp.
%3D
a) Construct the Elasticity function, E =4.P, and simplify it.
dp q
b) Find the Elasticity at a price of $8100. (FRACTION answer, NO DECIMALS)
c) Determine the price where Revenues are Maximized. SHOW ALL WORK.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd0d10f55-962b-4a3c-9c1d-99f64fb226a4%2Fef351f93-4c3a-4218-92a7-a0b86989081c%2F651d4sr_processed.png&w=3840&q=75)
Transcribed Image Text:A highly traded commodity has a price-demand relationship of q=120- Jp.
%3D
a) Construct the Elasticity function, E =4.P, and simplify it.
dp q
b) Find the Elasticity at a price of $8100. (FRACTION answer, NO DECIMALS)
c) Determine the price where Revenues are Maximized. SHOW ALL WORK.
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