Use the price-demand equation to find the values of p for which demand is elastic and the values for which demand is inelastic. Assume that price and demand are both positive. x=f(p)=3703-7p²2 529 3 The values of p for which demand is elastic are (Simplify your answer. Type your answer in interval notation. Type an exact answer, using radicals as needed. Use integers or fractions for any numbers in the expression.) The values of p for which demand is inelastic are (Simplify your answer. Type your answer in interval notation. Type an exact answer, using

Use the price-demand equation to find the values of p for which demand is elastic and the values for which demand is inelastic. Assume that price and demand are both positive. x=f(p)=3703-7p²2 529 3 The values of p for which demand is elastic are (Simplify your answer. Type your answer in interval notation. Type an exact answer, using radicals as needed. Use integers or fractions for any numbers in the expression.) The values of p for which demand is inelastic are (Simplify your answer. Type your answer in interval notation. Type an exact answer, using

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

Use the price-demand equation to find the values of p for which demand is elastic and the values
for which demand is inelastic. Assume that price and demand are both positive.
x=f(p)=3703-7p²
529
3
The values of p for which demand is elastic are
(Simplify your answer. Type your answer in interval notation. Type an exact answer, using
radicals as needed. Use integers or fractions for any numbers in the expression.)
The values of p for which demand is inelastic are
(Simplify your answer. Type your answer in interval notation. Type an exact answer, using
radicals as needed. Use integers or fractions for any numbers in the expression.)

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Step 1: Define the Elasticity of Demand

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Step 2: Find the elasticity of demand and range of p when demand is elastic and inelastic.

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B9
Mr. Jones sells scrapbooking materials. He charges $20 per album and sells 120 albums month at this price. He plans to decrease the price to generate more sales. A survey indicated that for every $0.50 decrease in price, he can expect to sell 5 more albums. Write the expressions for the price of an album and the number of albums sold in one month Write an equation for the revenue using your expressions from part a. What price will generate the maximum revenue? What is the maximum revenue he can generate in one month?