Annswer B, C and D. Part IV-ElasticityJedw9vo snimetab of ti eu nernoinnut ov1. The demand curve for the graphic novel Night of the Owl is given by,bnogga on noi eleviens neizs 15undario Eini beutalsvemionq=(400-p)²9100(0≤p≤400)where g is the number of copies Foothill Bookstore can sell each week if it sets the price a $p.A) Find the price elasticity of demand, Eda P==when the price is set to $40 per copy. SHOW WORK.dp q(9)= √(400-p) ²de100*9² = Tou (400-p²¹- 20100дуг=1-2 (400-p)..سهام100800-29=100F1-800-20100E = (²800-2C401) = 409-100-70). 40= 720101009(1-720401001296= 7.2-0.0308642E=0.22222..●(400-5)Co-12(400-407² 3602 129600q=C0.0100(00100/9=1296]соду,When the copy,the elasticity of demand is [E=0.222....price is set to $40. B) Is this price elastic or inelastic? Should the boosktore charge more or less to maximize revenue?Explain. Thisprice is inelastic,ty forpananDEGIS ARTC) What is the elasticity of the price that maximizes revenue. Write an equation using this value whosesolution gives the price maximizing weekly revenue for the bookstore. SHOW WORK.D) What is the maximum weekly revenue? SHOW WORK and give final answer in sentence form.

The measure that depicts change in quantity being demanded of a good with respect to its price level…

B) Is this price elastic or inelastic? Should the boosktore charge more or less to maximize revenue? Explain. This price is inelastic, for C) What is the elasticity of the price that maximizes revenue. Write an equation using this value whose solution gives the price maximizing weekly revenue for the bookstore. SHOW WORK. D) What is the maximum weekly revenue? SHOW WORK and give final answer in sentence form.

B) Is this price elastic or inelastic? Should the boosktore charge more or less to maximize revenue? Explain. This price is inelastic, for C) What is the elasticity of the price that maximizes revenue. Write an equation using this value whose solution gives the price maximizing weekly revenue for the bookstore. SHOW WORK. D) What is the maximum weekly revenue? SHOW WORK and give final answer in sentence form.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 4SCQ: Why is the supply curve with constant unitary elasticity a straight line?

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Question

Annswer B, C and D.

Part IV-Elasticity
Jedw9vo snimetab of ti eu ner
noinnut ov
1. The demand curve for the graphic novel Night of the Owl is given by,
bnogga on noi eleviens neizs 15undario E
ini beutalsvemi
on
q=
(400-p)²
9
100
(0≤p≤400)
where g is the number of copies Foothill Bookstore can sell each week if it sets the price a $p.
A) Find the price elasticity of demand, E
da P
==
when the price is set to $40 per copy. SHOW WORK.
dp q
(9)
= √(400-p) ²
de
100
*
9² = Tou (400-p²¹
- 20
100
дуг
=1
-2 (400-p).
.
سهام
100
800-29
=
100
F
1-800-20
100
E = (²800-2C401) = 40
9
-100-70). 40
= 720
10
100
9
(1
-720
40
100
1296
= 7.2-0.0308642
E=0.22222
..
●
(400-5)
Co-12
(400-407² 3602 129600
q=
C
0.0100
(00
100
/9=1296]
соду,
When the copy,
the elasticity of demand is [E=0.222....
price is set to $40.

B) Is this price elastic or inelastic? Should the boosktore charge more or less to maximize revenue?
Explain. This
price is inelastic,
ty for
panan
DEGIS ART
C) What is the elasticity of the price that maximizes revenue. Write an equation using this value whose
solution gives the price maximizing weekly revenue for the bookstore. SHOW WORK.
D) What is the maximum weekly revenue? SHOW WORK and give final answer in sentence form.

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