Consider the following. Quantity Demanded X = 17 Demand Function p = 800 – 3x 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. У 1000F 60 000 800 50 000 600 40 000 30000 400 20000 200 10 000 х х 50 100 150 200 250 50 100 150 200 250 У 2000 У 30000 25000 1500 20000 1000 15000 10000 500 5000 х х 50 100 150 200 250 50 100 150 200 250 Identify the intervals of elasticity and inelasticity. elastic inelastic Need Help? Watch It Talk to a Tutor Additienal Materials
Consider the following. Quantity Demanded X = 17 Demand Function p = 800 – 3x 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. У 1000F 60 000 800 50 000 600 40 000 30000 400 20000 200 10 000 х х 50 100 150 200 250 50 100 150 200 250 У 2000 У 30000 25000 1500 20000 1000 15000 10000 500 5000 х х 50 100 150 200 250 50 100 150 200 250 Identify the intervals of elasticity and inelasticity. elastic inelastic Need Help? Watch It Talk to a Tutor Additienal Materials
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider the following.
Quantity Demanded
X = 17
Demand Function
p = 800 – 3x
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.
У
1000F
60 000
800
50 000
600
40 000
30000
400
20000
200
10 000
х
х
50
100
150
200
250
50
100
150
200
250
У
2000
У
30000
25000
1500
20000
1000
15000
10000
500
5000
х
х
50
100
150
200
250
50
100
150
200
250
Identify the intervals of elasticity and inelasticity.
elastic
inelastic
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