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.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 3P

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