For the given demand-price function and quantity: — price = 15 quantity; quantity = 210 55 a. Find the price associated with the given quantity: 123 11 b. Find the elasticity for the given quantity: O c. State which pricing strategy increases revenue: Lower
For the given demand-price function and quantity: — price = 15 quantity; quantity = 210 55 a. Find the price associated with the given quantity: 123 11 b. Find the elasticity for the given quantity: O c. State which pricing strategy increases revenue: Lower
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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please do all answers.
![For the given demand-price function and quantity:
price 15 quantity.
55
quantity = 210
123
a. Find the price associated with the given quantity:
11
b. Find the elasticity for the given quantity:
c. State which pricing strategy increases revenue:
Lower
d. Find the price and quantity that maximizes profit:
7.5
412.5
price
quantity:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f2adae6-a863-4b0c-a98b-343a674160fe%2F3cf12aec-7e8a-4999-8df9-0b4df628d59a%2Fxigopye_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For the given demand-price function and quantity:
price 15 quantity.
55
quantity = 210
123
a. Find the price associated with the given quantity:
11
b. Find the elasticity for the given quantity:
c. State which pricing strategy increases revenue:
Lower
d. Find the price and quantity that maximizes profit:
7.5
412.5
price
quantity:
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