Given the demand function p=20-0.0002x and x=30 A.) What is the price elasticity of demand at x=30? In other words, what does n equal before you take the absolute value of it? Round your answer to the nearest tenth. B.) Find the price elasticity of demand. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? C.) Find the revenue function. Show all work.
Given the demand function p=20-0.0002x and x=30 A.) What is the price elasticity of demand at x=30? In other words, what does n equal before you take the absolute value of it? Round your answer to the nearest tenth. B.) Find the price elasticity of demand. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? C.) Find the revenue function. Show all work.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 2SQ
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Given the demand function p=20-0.0002x and x=30
A.) What is the
B.) Find the price elasticity of demand. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value?
C.) Find the revenue function. Show all work.
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