In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 39 = 60 at (q, p) = (10, 30). (b) How will a price increase affect total revenue? O since the demand is elastic, an increase in price will increase the total revenue. O since the demand is unitary, there will be no change in the revenue with a price increase. O since the demand is elastic, an increase in price will decrease the total revenue. O Since the demand is inelastic, an increase in price will decrease the total revenue. O since the demand is inelastic, an increase in price will increase the total revenue.

In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 39 = 60 at (q, p) = (10, 30). (b) How will a price increase affect total revenue? O since the demand is elastic, an increase in price will increase the total revenue. O since the demand is unitary, there will be no change in the revenue with a price increase. O since the demand is elastic, an increase in price will decrease the total revenue. O Since the demand is inelastic, an increase in price will decrease the total revenue. O since the demand is inelastic, an increase in price will increase the total revenue.

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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Differential Equations

Have you ever observed the movement of the satellites and rockets or how the planets go around the sun in their orbits? How will you determine their motion? Definitely they follow some scientific laws and these kinds of problems are framed as differential equations.

Question

In this problem, $ p $ is in dollars and $ q $ is the number of units.

(a) Find the elasticity of the demand function $ p + 3q = 60 $ at $ (q, p) = (10, 30) $.

\[ \underline{\hspace{2cm}} \]

(b) How will a price increase affect total revenue?

- Since the demand is elastic, an increase in price will increase the total revenue.
- Since the demand is unitary, there will be no change in the revenue with a price increase.
- Since the demand is elastic, an increase in price will decrease the total revenue.
- Since the demand is inelastic, an increase in price will decrease the total revenue.
- Since the demand is inelastic, an increase in price will increase the total revenue.

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