The demand function for a Christmas music CD is given by q = 0.4(415 – p) where q (measured in units of á hundred) is the quantity demanded per week and p is the unit price in dollars. (a) Evaluate the elasticity at 20. E(20) (b) Should the unit price be lowered slightly from 20 in order to increase revenue? ? (c) When is the demand unitary? p = dollars (d) Find the maximum revenue. Maximum revenue = hundreds of dollars
The demand function for a Christmas music CD is given by q = 0.4(415 – p) where q (measured in units of á hundred) is the quantity demanded per week and p is the unit price in dollars. (a) Evaluate the elasticity at 20. E(20) (b) Should the unit price be lowered slightly from 20 in order to increase revenue? ? (c) When is the demand unitary? p = dollars (d) Find the maximum revenue. Maximum revenue = hundreds of dollars
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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