Elasticity of Demand for Sports Watches The demand equation for a certain wristwatch is given by x = 10 30-P P (0 < p ≤ 30) where x (measured in units of a thousand) is the quantity demanded/week and p is the unit price in dollars. Compute the elasticity of demand (in dollars). Elp)= Determine the range of prices corresponding to inelastic, unitary, and elastic demand. (Hint: Solve the equation E(p) = 1.) inelastic Op = 30 O (15, 30] O p = 15 (0,30] (0, 15) unitary O(0, 15) (0, 30] Op 15 0(15, 30] Op = 30 elastic (015) Op = 15 (15.30] p = 30 (0.30]
Elasticity of Demand for Sports Watches The demand equation for a certain wristwatch is given by x = 10 30-P P (0 < p ≤ 30) where x (measured in units of a thousand) is the quantity demanded/week and p is the unit price in dollars. Compute the elasticity of demand (in dollars). Elp)= Determine the range of prices corresponding to inelastic, unitary, and elastic demand. (Hint: Solve the equation E(p) = 1.) inelastic Op = 30 O (15, 30] O p = 15 (0,30] (0, 15) unitary O(0, 15) (0, 30] Op 15 0(15, 30] Op = 30 elastic (015) Op = 15 (15.30] p = 30 (0.30]
Chapter3: Functions
Section3.2: Domain And Range
Problem 61SE: The cost in dollars of making x items is given by the function Cx)=10x+500. a. The fixed cost is...
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