## Chapter 4, Section 4.6, Question 012### Demand Function for YamsThe demand for yams is given by the equation:\[ q = 5500 - 11p^2 \]where:- $ q $ is the quantity demanded (in pounds)- $ p $ is the price per pound of yams### Part (a)**If the current price of yams is $ \$2 $ per pound, how many pounds will be sold?**\[ q = \ \_\_\_\_\_\_ \text{ pounds} \]### Part (b)**Is the demand at $ \$2 $ elastic or inelastic? Is it more accurate to say:**1. "People want yams and will buy them no matter what the price."2. "Yams are a luxury item and people will stop buying them if the price gets too high."The demand is \_\_\_\_\_\_\_. Therefore, it would be more accurate to say: \_\_\_\_\_\_\_.### HintBy clicking on the "SHOW HINT" button, students can get further assistance in solving the question.**Drop-down options for the explanation of the demand nature:**- Elastic- Inelastic**Detailed Guide:**1. **Calculate the Quantity Demanded at $ \$2 $:** - Substitute $ p = 2 $ into the demand equation. - Compute $ q $ accordingly.2. **Determine the Elasticity:** - Analyze the responsiveness of the quantity demanded to changes in the price. - Use economic principles to determine whether the demand is elastic (sensitive to price changes) or inelastic (insensitive to price changes).By understanding and applying these concepts, students can correctly interpret the demand function, calculate specific values, and analyze the nature of demand for yams based on given prices.

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Description: ## Chapter 4, Section 4.6, Question 012### Demand Function for YamsThe demand for yams is given by the equation:\[ q = 5500 - 11p^2 \]where:- $ q $ is the quantity demanded (in pounds)- $ p $ is the price per pound of yams### Part (a)**If the cu

We plug p=2 in the given equation

Math

Algebra

The demand for yams is given by q = 5500 – 1lp², where 4 is in pounds of yams and P is the price of a pound of yams. %3D (a) If the current price of yams is $2 per pound, how many pounds will be sold? q = pounds (b) Is the demand at 2 elastic or inelastic? Is it more accurate to say "People want yams and will buy them no matter what the price", or "Yams are a luxury item a people will stop buying them if the price gets too high"? The demand is Therefore, it would be more accurate to say People want yams and will buy them no matter what the price.

The demand for yams is given by q = 5500 – 1lp², where 4 is in pounds of yams and P is the price of a pound of yams. %3D (a) If the current price of yams is $2 per pound, how many pounds will be sold? q = pounds (b) Is the demand at 2 elastic or inelastic? Is it more accurate to say "People want yams and will buy them no matter what the price", or "Yams are a luxury item a people will stop buying them if the price gets too high"? The demand is Therefore, it would be more accurate to say People want yams and will buy them no matter what the price.

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.

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