The pounds of bananas sold each week at all Metro Seattle Alberstons stores as a function of price, p, in dollars/pound (lb.) is given by q(p) = 100e¹5 (5-p) 1. What is the price elasticity of demand for bananas at $.20/lb. ? 0.01) Bananas are Select an answer at that price? 2. What is the price elasticity of demand for bananas at $1/lb. ? Bananas are Select an answer at that price? 3. At what price is the maximum revenue per week achieved? 4. What is that maximum revenue per week? 5. How many pounds will be sold each week at that optimal price (nearest +/- $0.01
The pounds of bananas sold each week at all Metro Seattle Alberstons stores as a function of price, p, in dollars/pound (lb.) is given by q(p) = 100e¹5 (5-p) 1. What is the price elasticity of demand for bananas at $.20/lb. ? 0.01) Bananas are Select an answer at that price? 2. What is the price elasticity of demand for bananas at $1/lb. ? Bananas are Select an answer at that price? 3. At what price is the maximum revenue per week achieved? 4. What is that maximum revenue per week? 5. How many pounds will be sold each week at that optimal price (nearest +/- $0.01
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![The pounds of bananas sold each week at all Metro Seattle Albertsons stores as a function of price, \( p \), in dollars/pound (lb.), is given by
\[ q(p) = 100e^{1.5(5-p)} \]
1. What is the price elasticity of demand for bananas at $0.20/lb.? \_\_\_\_\_\_ (nearest 0.01)
Bananas are [Select an answer] at that price?
2. What is the price elasticity of demand for bananas at $1/lb.? \_\_\_\_\_\_
Bananas are [Select an answer] at that price?
3. At what price is the maximum revenue per week achieved? \_\_\_\_\_\_ ± $0.01
4. What is that maximum revenue per week? \_\_\_\_\_\_
5. How many pounds will be sold each week at that optimal price? \_\_\_\_\_\_
Notes:
- The function \( q(p) \) uses the exponential form to model sales relative to price.
- The questions focus on understanding the elasticity of demand, optimal pricing, and corresponding quantities and revenues.
- Check calculations using the standard elasticity formula and graphical analysis if available.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F57a80892-6d38-4c33-b12d-e676cd98c4f8%2F6c386dca-6cca-4c12-af30-cb360cdbdbe3%2Fjtbpeyo_processed.png&w=3840&q=75)
Transcribed Image Text:The pounds of bananas sold each week at all Metro Seattle Albertsons stores as a function of price, \( p \), in dollars/pound (lb.), is given by
\[ q(p) = 100e^{1.5(5-p)} \]
1. What is the price elasticity of demand for bananas at $0.20/lb.? \_\_\_\_\_\_ (nearest 0.01)
Bananas are [Select an answer] at that price?
2. What is the price elasticity of demand for bananas at $1/lb.? \_\_\_\_\_\_
Bananas are [Select an answer] at that price?
3. At what price is the maximum revenue per week achieved? \_\_\_\_\_\_ ± $0.01
4. What is that maximum revenue per week? \_\_\_\_\_\_
5. How many pounds will be sold each week at that optimal price? \_\_\_\_\_\_
Notes:
- The function \( q(p) \) uses the exponential form to model sales relative to price.
- The questions focus on understanding the elasticity of demand, optimal pricing, and corresponding quantities and revenues.
- Check calculations using the standard elasticity formula and graphical analysis if available.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 7 steps
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
