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For the demand function q = D(p) = 425-p, find the following. a) The elasticity b) The elasticity at p = 118, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) ww a) Find the equation for elasticity. E(p) = b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity. E(118)= (Simplify your answer. Type an integer or a fraction.) Is the demand elastic, inelastic, or does it have unit elasticity? elastic unit elasticity Oinelastic c) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars). $ (Round to the nearest cent. Use a comma to separate answers as needed.)

For the demand function q = D(p) = 425-p, find the following. a) The elasticity b) The elasticity at p = 118, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) ww a) Find the equation for elasticity. E(p) = b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity. E(118)= (Simplify your answer. Type an integer or a fraction.) Is the demand elastic, inelastic, or does it have unit elasticity? elastic unit elasticity Oinelastic c) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars). $ (Round to the nearest cent. Use a comma to separate answers as needed.)

Calculus: Early Transcendentals
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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For the demand function \( q = D(p) = 425 - p \), find the following: a) The elasticity b) The elasticity at \( p = 118 \), stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s) of \( p \) for which total revenue is a maximum (assume that \( p \) is in dollars) --- **a) Find the equation for elasticity.** \( E(p) = \) \_\_\_ **b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic, or has unit elasticity.** \( E(118) = \) \_\_\_ (Simplify your answer. Type an integer or a fraction.) Is the demand elastic, inelastic, or does it have unit elasticity? - \( \bigcirc \) elastic - \( \bigcirc \) unit elasticity - \( \bigcirc \) inelastic **c) Find the value(s) of \( p \) for which total revenue is a maximum (assume that \( p \) is in dollars).** \$ \_\_\_ (Round to the nearest cent. Use a comma to separate answers as needed.)
Transcribed Image Text:For the demand function \( q = D(p) = 425 - p \), find the following: a) The elasticity b) The elasticity at \( p = 118 \), stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s) of \( p \) for which total revenue is a maximum (assume that \( p \) is in dollars) --- **a) Find the equation for elasticity.** \( E(p) = \) \_\_\_ **b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic, or has unit elasticity.** \( E(118) = \) \_\_\_ (Simplify your answer. Type an integer or a fraction.) Is the demand elastic, inelastic, or does it have unit elasticity? - \( \bigcirc \) elastic - \( \bigcirc \) unit elasticity - \( \bigcirc \) inelastic **c) Find the value(s) of \( p \) for which total revenue is a maximum (assume that \( p \) is in dollars).** \$ \_\_\_ (Round to the nearest cent. Use a comma to separate answers as needed.)
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