The demand function for Tobi's homemade hats is q is the price in dollars per hat). 167 2p (qis the number of hats, and p a. Find the elasticity of demand function. b. Find the elasticity of demand when p c. To increase revenue, should Tobi increase or decrease the price per hat? $23. Round your answer to four decimal places.
The demand function for Tobi's homemade hats is q is the price in dollars per hat). 167 2p (qis the number of hats, and p a. Find the elasticity of demand function. b. Find the elasticity of demand when p c. To increase revenue, should Tobi increase or decrease the price per hat? $23. Round your answer to four decimal places.
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Transcribed Image Text:The demand function for Tobi's homemade hats is q
is the price in dollars
167
2p (q is the number of hats, and p
per
hat).
a. Find the elasticity of demand function.
b. Find the elasticity of demand when p
c. To increase revenue, should Tobi increase or decrease the price per hat?
$23. Round your answer to four decimal places.
Answers:
a.
b.
O increase
O decrease
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