For the demand function q=D(x)=700/x, find the following. a) The elasticity b) The elasticity at x=1, stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars
For the demand function q=D(x)=700/x, find the following. a) The elasticity b) The elasticity at x=1, stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s) of x for which total revenue is a maximum (assume that x 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(x)=700/x, find the following.
a) The elasticity
b) The elasticity at x=1, stating whether the demand is elastic, inelastic, or has unit elasticity
c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars)
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