(b) At what price is the dog breeders' elasticity equal to -1? At what price is the pet owners' elasticity equal to -1? (d) Find a nonzero price at which there is positive total demand for dog polishers and at which there is a kink in the demand curve. What is the market demand function for prices below the kink? What is the market demand function for prices above the kink? (e) Where on the market demand curve is the price elasticity equal to -1? At what price will the revenue from the sale of electric dog polishers be maximized? If the goal of the sellers is to maximize revenue, will electric dog polishers be sold to breeders only, to pet owners only, or to both?

(b) At what price is the dog breeders' elasticity equal to -1? At what price is the pet owners' elasticity equal to -1? (d) Find a nonzero price at which there is positive total demand for dog polishers and at which there is a kink in the demand curve. What is the market demand function for prices below the kink? What is the market demand function for prices above the kink? (e) Where on the market demand curve is the price elasticity equal to -1? At what price will the revenue from the sale of electric dog polishers be maximized? If the goal of the sellers is to maximize revenue, will electric dog polishers be sold to breeders only, to pet owners only, or to both?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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**Transcription for Educational Website:**

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**(b)** At what price is the dog breeders' elasticity equal to -1?

At what price is the pet owners' elasticity equal to -1?

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**(d)** Find a nonzero price at which there is positive total demand for dog polishers and at which there is a kink in the demand curve.

What is the market demand function for prices below the kink?

What is the market demand function for prices above the kink?

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**(e)** Where on the market demand curve is the price elasticity equal to -1?

At what price will the revenue from the sale of electric dog polishers be maximized?

If the goal of the sellers is to maximize revenue, will electric dog polishers be sold to breeders only, to pet owners only, or to both?

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No graphs or diagrams are present with the text.

The demand function of dog breeders for electric dog polishers is \( q_b = \max\{200 - p, 0\} \), and the demand function of pet owners for electric dog polishers is \( q_o = \max\{90 - 4p, 0\} \).

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Step 2: b. Determine the price at which dog breeder and pet owner elasticity equals -1.

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