The quantity demanded each week $ x $ (in units of a hundred) of the Mikado digital camera is related to the unit price $ p $ (in dollars) by the demand equation:\[x = \sqrt{400 - 5p} \quad (0 \leq p \leq 80).\](a) Is the demand elastic or inelastic when $ p = 40 $?- ○ elastic- ○ inelasticWhen $ p = 70 $?- ○ elastic- ○ inelastic(b) When is the demand unitary?$ p = $ [ ](c) If the unit price is lowered slightly from $70, will the revenue increase or decrease?- ○ increase- ○ decrease(d) If the unit price is increased slightly from $40, will the revenue increase or decrease?- ○ increase- ○ decrease

Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

The quantity demanded each week x (in units of a hundred) of the Mikado digital camera is related to the unit price p (in dollars) by the demand equation x = V400 - 5p (0 sps 80). (a) Is the demand elastic or inelastic when p = 40? O elastic O inelastic When p = 70? O elastic O inelastic (b) When is the demand unitary? p = (c) If the unit price is lowered slightly from $70, will the revenue increase or decrease? O increase O decrease (d) If the unit price is increased slightly from $40, will the revenue increase or decrease? O increase O decrease

The quantity demanded each week x (in units of a hundred) of the Mikado digital camera is related to the unit price p (in dollars) by the demand equation x = V400 - 5p (0 sps 80). (a) Is the demand elastic or inelastic when p = 40? O elastic O inelastic When p = 70? O elastic O inelastic (b) When is the demand unitary? p = (c) If the unit price is lowered slightly from $70, will the revenue increase or decrease? O increase O decrease (d) If the unit price is increased slightly from $40, will the revenue increase or decrease? O increase O decrease

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose the elasticity of demand for good A is -0.40, and the elasticity of supply for good A is 1.00. If supply were to increase by 10%, what would happen to the price? O It would fall by 7.14%. It would fall by 1.67%. It would fall by 25%. It would fall by 14%. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
do fast
Question 4 Given the demand function D(p) 375 - 3p², Find the Elasticity of Demand at a price of $1 At this price, we would say the demand is: Elastic O Unitary O Inelastic Based on this, to increase revenue we should: Raise Prices O Lower Prices O Keep Prices Unchanged
A pizza restaurant raises the price of their pizza by 20%. As a result, they witness a 10% decrease in the quantity demand of their pizza. What is the price elasticity of demand for this pizza restaurant? O-10 -.25 O -2 O -0.5
Given the demand function D(p) = 375 – 3p², Find the Elasticity of Demand at a price of $1 At this price, we would say the demand is: O Unitary O Inelastic O Elastic Based on this, to increase revenue we should: Keep Prices Unchanged O Lower Prices Raise Prices
- Given the demand function D(p) = √√/375 – 4p, Find the Elasticity of Demand at a price of $22 At this price, we would say the demand is: ○ Elastic ○ Unitary O Inelastic Based on this, to increase revenue we should: Raise Prices O Keep Prices Unchanged O Lower Prices
Consider a demand curve that is a straight downward-sloping line and has its midpoint at a price of $4 and a quantity of 8 million units. At a price of $2, price elasticity of demand would be: O unit elastic O inelastic elastic O none of the above, or not enough information given to answer the question
Question 6 = Given the demand function D(p) = /350 - 2p, Find the Elasticity of Demand at a price of $11 At this price, we would say the demand is: Inelastic O Elastic O Unitary Based on this, to increase revenue we should: O Keep Prices Unchanged O Lower Prices Raise Prices
For a certain good, when price rises from $100 to $150, quantity demanded falls from 2,000 to 1,200. The price elasticity of demand here is making the demand for this good in the price range between $100 and $150. 0.8; inelastic O 0.67; inelastic 0.15; inelastic 1.50; elastic O 1.25; elastic
U Un tue policy? 3. Constant Elasticity Consider the following demand curve Id = p" With o E (-1,0). (a) Find the elasticity of the demand. (Hint: Use the formula eq.p d be
For product X, the price elasticity of demand has an absolute value of 3.5. This means that quantity demanded will increase by O 1 unit for each $3.50 decrease in price, ceteris paribus. O 1 percent for each 3.5 percent decrease in price, ceteris paribus. O 3.5 units for each $1 decrease in price, ceteris paribus. O 3.5 percent for each 1 percent decrease in price, ceteris paribus.
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 4 percent. If, as a result of this price increase, the volume of all cereal sold by Big G changed by -5 percent, what can you infer about the own price elasticity of demand for Big G cereal? It is (Click to select) ♥ Can you predict whether revenues on sales of its Lucky Charms brand increased or decreased? O Yes - it decreased. Yes - it increased. No - you can't tell.