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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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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