In this problem, p is in dollars and g is the number of units. Suppose that the demand for a product is given by 2p²q = 10,000+ (a) Find the elasticity when p = $50 and q = 4502. (Round your answer to four decimal places.) + 9000p². (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. O Demand is unitary elastic. O Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? O An increase in price decreases revenue. O An increase in price increases revenue. Revenue is unaffected by price.
In this problem, p is in dollars and g is the number of units. Suppose that the demand for a product is given by 2p²q = 10,000+ (a) Find the elasticity when p = $50 and q = 4502. (Round your answer to four decimal places.) + 9000p². (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. O Demand is unitary elastic. O Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? O An increase in price decreases revenue. O An increase in price increases revenue. Revenue is unaffected by price.
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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![In this problem, \( p \) is in dollars and \( q \) is the number of units.
Suppose that the demand for a product is given by \( 2pq^2 = 10,000 + 9000p^2 \).
**(a)** Find the elasticity when \( p = \$50 \) and \( q = 4502 \). (Round your answer to four decimal places.)
[Text box for answer]
**(b)** Tell what type of elasticity this is: unitary, elastic, or inelastic.
- Demand is unitary elastic.
- Demand is elastic.
- Demand is inelastic.
**(c)** How would revenue be affected by a price increase?
- An increase in price decreases revenue.
- An increase in price increases revenue.
- Revenue is unaffected by price.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ac160ea-586d-4b6a-bc87-d7b74a3b50c7%2F9636b78a-0fe6-4fff-8fc6-7a7851ee7b3d%2Ffm71cg_processed.png&w=3840&q=75)
Transcribed Image Text:In this problem, \( p \) is in dollars and \( q \) is the number of units.
Suppose that the demand for a product is given by \( 2pq^2 = 10,000 + 9000p^2 \).
**(a)** Find the elasticity when \( p = \$50 \) and \( q = 4502 \). (Round your answer to four decimal places.)
[Text box for answer]
**(b)** Tell what type of elasticity this is: unitary, elastic, or inelastic.
- Demand is unitary elastic.
- Demand is elastic.
- Demand is inelastic.
**(c)** How would revenue be affected by a price increase?
- An increase in price decreases revenue.
- An increase in price increases revenue.
- Revenue is unaffected by price.
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