The price-demand equation and the cost function for the production of active styluses aregiven, respectively byp = 470 -0.05x and C(x) = 160,000 + 22xa) Find the domain of the given price-demand function.b) Write the demand x in terms of the price p.c) Find the price elasticity of demand, E (p).d) Given a price of $150, determine whether the price should be increased ordecreased in order to increase revenue.e) Find the revenue function, R(x).f) Calculate the number of styluses the company should sell in order to maximizerevenue.g) Find the approximate cost of producing the 140th stylus.

We have the demand function as: P = 470 - 0.05X The domain of any function f(x) is those values of…

The price-demand equation and the cost function for the production of active styluses are given, respectively by p = 470 -0.05x and C(x) = 160,000 + 22x a) Find the domain of the given price-demand function. b) Write the demand x in terms of the price p.

The price-demand equation and the cost function for the production of active styluses are given, respectively by p = 470 -0.05x and C(x) = 160,000 + 22x a) Find the domain of the given price-demand function. b) Write the demand x in terms of the price p.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The price-demand equation and the cost function for the production of active styluses are
given, respectively by
p = 470 -0.05x and C(x) = 160,000 + 22x
a) Find the domain of the given price-demand function.
b) Write the demand x in terms of the price p.
c) Find the price elasticity of demand, E (p).
d) Given a price of $150, determine whether the price should be increased or
decreased in order to increase revenue.
e) Find the revenue function, R(x).
f) Calculate the number of styluses the company should sell in order to maximize
revenue.
g) Find the approximate cost of producing the 140th stylus.

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Part A - Domain of the demand function

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Part B - Quantity as a function of the price

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Part C : Price Elasticity of demand

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Follow-up Question

The price-demand equation and the cost function for the production of active styluses are
given, respectively by
p = 470 -0.05x and C(x) = 160,000 + 22x
g) Find the approximate cost of producing the 140th stylus.

Solution

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Follow-up Question

The price-demand equation and the cost function for the production of active styluses are
given, respectively by
p = 470 -0.05x and C(x) = 160,000 + 22x
d) Given a price of $150, determine whether the price should be increased or
decreased in order to increase revenue.
e) Find the revenue function, R(x).
f) Calculate the number of styluses the company should sell in order to maximize
revenue.
g) Find the approximate cost of producing the 140th stylus.

Solution

by Bartleby Expert

SEE SOLUTION

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