The demand equation for a product is given I4pq + 3p² + q = 82dq-4q-6pa) Show thatdp( show all steps4p+1b) Find the elasticity when x=4c) What type of elasticity?d) What will happen to revenue if there is a small priceincrease?

The elasticity of demand shows the responsiveness of quantity demanded due to price change. It can…

The demand equation for a product is given I 4pq + 3p² + q = 82 dq a) Show that %3D dp -4q-6p ( show all steps 4р+1 b) Find the elasticity when x=4 c) What type of elasticity? d) What will happen to revenue if there is a small price

The demand equation for a product is given I 4pq + 3p² + q = 82 dq a) Show that %3D dp -4q-6p ( show all steps 4р+1 b) Find the elasticity when x=4 c) What type of elasticity? d) What will happen to revenue if there is a small price

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

The demand equation for a product is given I
4pq + 3p² + q = 82
dq
-4q-6p
a) Show that
dp
( show all steps
4p+1
b) Find the elasticity when x=4
c) What type of elasticity?
d) What will happen to revenue if there is a small price
increase?

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