The demand function for specialty steel products is given, where p is in dollars and g is the number of units. p = 105150 – q (a) Find the elasticity of demand as a function of the quantity demanded, q. 450 - З9 (b) Find the point at which the demand is of unitary elasticity. q = 112.5 Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic (112.5) elastic -00,112.5 (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing n<1 decreasing n> 2 Use information about elasticity in part (b) to decide where the revenue maximized. 9 = 112.5

The demand function for specialty steel products is given, where p is in dollars and g is the number of units. p = 105150 – q (a) Find the elasticity of demand as a function of the quantity demanded, q. 450 - З9 (b) Find the point at which the demand is of unitary elasticity. q = 112.5 Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic (112.5) elastic -00,112.5 (c) Use information about elasticity in part (b) to decide where the revenue is increasing, and where it is decreasing. (Enter your answers using interval notation.) increasing n<1 decreasing n> 2 Use information about elasticity in part (b) to decide where the revenue maximized. 9 = 112.5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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