For the demand function q=D(p)=310−p,find the following. a) The elasticity b) The elasticity at p=90, 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)
For the demand function q=D(p)=310−p,find the following. a) The elasticity b) The elasticity at p=90, 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)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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For the demand function q=D(p)=310−p,find the following.
a) The elasticity
b) The elasticity at p=90, 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)
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