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AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is D(p) = 100 – - 3p. Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.

AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is D(p) = 100 – - 3p. Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is \( D(p) = 100 - 3p^2 \). Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.
Transcribed Image Text:AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is \( D(p) = 100 - 3p^2 \). Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.
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