a.) The consumer demand curve for Professor Stefan Schwarzenegger’s dumbbells is given by x = (95 − 2p)^2 , where p is the price per dumbbell, and x is the demand in weekly sales. [A] Find the Elasticity of Demand function E(p) and evaluate it at the price p = $20. Is the demand elastic, inelastic, or does it have unit elasticity? Explain what this means in your own words. b.) Find the price Professor Schwarzenegger should charge for his dumbbells in order to
a.) The consumer demand curve for Professor Stefan Schwarzenegger’s dumbbells is given by x = (95 − 2p)^2 , where p is the price per dumbbell, and x is the demand in weekly sales. [A] Find the Elasticity of Demand function E(p) and evaluate it at the price p = $20. Is the demand elastic, inelastic, or does it have unit elasticity? Explain what this means in your own words. b.) Find the price Professor Schwarzenegger should charge for his dumbbells in order to
Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
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a.) The consumer demand curve for Professor Stefan Schwarzenegger’s dumbbells
is given by x = (95 − 2p)^2 , where p is the price per dumbbell, and x is the demand in weekly sales.
[A] Find the Elasticity of Demand function E(p) and evaluate it at the price p = $20. Is the
demand elastic, inelastic, or does it have unit elasticity? Explain what this means in your
own words.
b.) Find the price Professor Schwarzenegger should charge for his dumbbells in order to
maximize revenue. (Round your answer to the nearest cent.)
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