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

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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

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