Question 1 Consider the demand function. q= D(x) = 400e-0.2z a) Find the elasticity. E(x)= b) Find the elasticity at z = 3. Round to one decimal place. State whether the demand is elastic (type - E) or inelastic (type 1) c) Find the elasticity at = 18. Round to one decimal place. State whether the demand is elastic (type E) or inelastic (type 1). d) At a price of $3, will a small increase in price cause the total revenue to increase (1) or decrease (D)? Type I or D. || e) Find the price for which the total revenue is a maximum.

Question 1 Consider the demand function. q= D(x) = 400e-0.2z a) Find the elasticity. E(x)= b) Find the elasticity at z = 3. Round to one decimal place. State whether the demand is elastic (type - E) or inelastic (type 1) c) Find the elasticity at = 18. Round to one decimal place. State whether the demand is elastic (type E) or inelastic (type 1). d) At a price of $3, will a small increase in price cause the total revenue to increase (1) or decrease (D)? Type I or D. || e) Find the price for which the total revenue is a maximum.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 1
Consider the demand function.
q= D(x) = 400e-0.2z
a) Find the elasticity.
E(x) =
b) Find the elasticity at z = 3. Round to one decimal place.
State whether the demand is elastic (type - E) or inelastic (type 1)
c) Find the elasticity at = 18. Round to one decimal place.
State whether the demand is elastic (type E) or inelastic (type 1).
d) At a price of $3, will a small increase in price cause the total revenue to increase (1)
or decrease (D)? Type I or D.
e) Find the price for which the total revenue is a maximum.

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