Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 - 0.02x where x is the number of tapes that can be sold at $p per roll of tape. (a) Express the demand x as a function of price p. Find the domain of this function. (b) Find the elasticity of demand, E (p), in reduced form. (c) If Mead Plumbing decides to increase their current price, would their revenue increase or decrease? Explain how you arrived at your answer.
Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 - 0.02x where x is the number of tapes that can be sold at $p per roll of tape. (a) Express the demand x as a function of price p. Find the domain of this function. (b) Find the elasticity of demand, E (p), in reduced form. (c) If Mead Plumbing decides to increase their current price, would their revenue increase or decrease? Explain how you arrived at your answer.
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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can you do it on paper please thanks ;)
Transcribed Image Text:Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research
department has derived the price-demand equation as p = 60 - 0.02x
where x is the number of tapes that can be sold at $p per roll of tape.
(a) Express the demand x as a function of price p. Find the domain of this function.
(b) Find the elasticity of demand, E (p), in reduced form.
(c) If Mead Plumbing decides to increase their current price, would their revenue increase or
decrease? Explain how you arrived at your answer.
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