# Problem 6: Analyzing Price-Demand RelationshipA highly traded commodity has a price-demand relationship given by the equation:\[ q = 120 - \sqrt{p} \]## Tasks### a) Construct the Elasticity FunctionThe elasticity function is defined as:\[ E = -\frac{dq}{dp} \cdot \frac{p}{q} \]Construct and simplify this elasticity function for the given price-demand relationship.### b) Find the Elasticity at a Given PriceCalculate the elasticity when the price is $100. Be sure to express the answer in fractions, not decimals.### c) Determine the Price Where Revenues are MaximizedIdentify the price point at which revenue from the commodity is maximized.

Given a highly traded commodity's demand(dd) function as: q=120-p where q is the quantity(q)…

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commodity has -Sp. traded price - demand highly Pelation ship A of こ 12o-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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