Consider the following. Demand Function p= 120.0003x x = 20,000 Find the price elasticity of demand for the demand function at the indicated x-value. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? The demand is elastic at this x-value. The demand is inelastic at this x-value. The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function. y 60 500 30 250 Quantity Demanded 121000 60 500 elastic 10 000 20 000 20 000 40 000 60 500 30 250 y 121000 60 500 20 000 10 000 40 000 20 000 Identify the intervals of elasticity and inelasticity. (Enter your answers using interval notation. If an answer does not exist, enter DNE.)

Consider the following. Demand Function p= 120.0003x x = 20,000 Find the price elasticity of demand for the demand function at the indicated x-value. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? The demand is elastic at this x-value. The demand is inelastic at this x-value. The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function. y 60 500 30 250 Quantity Demanded 121000 60 500 elastic 10 000 20 000 20 000 40 000 60 500 30 250 y 121000 60 500 20 000 10 000 40 000 20 000 Identify the intervals of elasticity and inelasticity. (Enter your answers using interval notation. If an answer does not exist, enter DNE.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Co. XYZ manufactures a productand sells it for $8 per unit. Her fixedcosts are $5,000 and her variablecost per unit is given by the equationCalculate the equilibrium quantity qalgebraically. 2.444 (X)-2200 A. (q-800) B. q=900 C. (q 650) D. None of the above In the previous problem (27), calculate the amount ofequilibrium Total Income. A. 4,500 B.$3,000 C. $7,200 D. $9,000 In the above problem (27), calculate thebreak-even Total Cost amount. A. 4,500 B. $3,000 C. $9,200 D. 7,200 In the previous problem (27)determine the profit when q-1800.modes of A. $4,500 B. 5,000 C.$6,000 D. 7,000 In the previous problem (27), determine the gain when q-450. A. $2,500 B. -$2,500 C.$6,000 D. -$4,500 In the aboveproblem (27), find the required output (q), to make a profit of$10,000. A. 3,000 B. 4,000 C. 2,500D. 2,700
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