For the demand function q = D(p)=476-p, find the following. a) The elasticity b) The elasticity at p = 94, 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) www 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 E(94) = (Simplify your answer. Type an integer or a fraction.) Is the demand elastic, inelastic, or does it have unit elasticity? O elastic Oinelastic O unit elasticity 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)=476-p, find the following. a) The elasticity b) The elasticity at p = 94, 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) www 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 E(94) = (Simplify your answer. Type an integer or a fraction.) Is the demand elastic, inelastic, or does it have unit elasticity? O elastic Oinelastic O unit elasticity 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)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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