For the demand function q=D(p)=√434− p, (square root of 434-p) find the following. a) The elasticity b) The elasticity at p=106, 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) Question content area bottom Part 1 a) Find the equation for elasticity. E(p)= Part 2 b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity. E(106)=enter your response here (Simplify your answer. Type an integer or a fraction.) Part 3 Is the demand elastic, inelastic, or does it have unit elasticity? inelastic elastic unit elasticity Part 4 c) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars). $enter your response here (Round to the nearest cent. Use a comma to separate answers as needed.)
For the demand function q=D(p)=√434− p, (square root of 434-p) find the following. a) The elasticity b) The elasticity at p=106, 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) Question content area bottom Part 1 a) Find the equation for elasticity. E(p)= Part 2 b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity. E(106)=enter your response here (Simplify your answer. Type an integer or a fraction.) Part 3 Is the demand elastic, inelastic, or does it have unit elasticity? inelastic elastic unit elasticity Part 4 c) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars). $enter your response here (Round to the nearest cent. Use a comma to separate answers as needed.)
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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Question
For the demand function
q=D(p)=√434− p, (square root of 434-p)
find the following.a) The elasticity
b) The elasticity at
p=106,
stating whether the demand is elastic, inelastic or has unit elasticityc) The value(s) of p for which total revenue is a maximum (assume that p is in dollars)
Question content area bottom
Part 1
a) Find the equation for elasticity.
E(p)=
Part 2
b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity.
E(106)=enter your response here
(Simplify your answer. Type an integer or a fraction.)Part 3
Is the demand elastic, inelastic, or does it have unit elasticity?
inelastic
elastic
unit elasticity
Part 4
c) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars).
$enter your response here
(Round to the nearest cent. Use a comma to separate answers as needed.)
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