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The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 90110 - g (a) Find the elasticity of demand as a function of the quantity demanded, q. n = (b) Find the point at which the demand is of unitary elasticity. Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic (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 decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. (d) Graph the revenue function R = pq, and use it to find where revenue is maximized. R R 35 000 30 000 35 000 30 000 25 000 25 000 20 000 20 000

The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 90110 - g (a) Find the elasticity of demand as a function of the quantity demanded, q. n = (b) Find the point at which the demand is of unitary elasticity. Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic (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 decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. (d) Graph the revenue function R = pq, and use it to find where revenue is maximized. R R 35 000 30 000 35 000 30 000 25 000 25 000 20 000 20 000

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 90110 - g (a) Find the elasticity of demand as a function of the quantity demanded, q. n = (b) Find the point at which the demand is of unitary elasticity. Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic (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 decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. (d) Graph the revenue function R = pq, and use it to find where revenue is maximized. R R 35 000 30 000 35 000 30 000 25 000 25 000 20 000 20 000
Transcribed Image Text:The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 90110 - g (a) Find the elasticity of demand as a function of the quantity demanded, q. n = (b) Find the point at which the demand is of unitary elasticity. Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic elastic (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 decreasing Use information about elasticity in part (b) to decide where the revenue is maximized. (d) Graph the revenue function R = pq, and use it to find where revenue is maximized. R R 35 000 30 000 35 000 30 000 25 000 25 000 20 000 20 000
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