Explanation Given Information: The provided expression is p 2 + 3 p + q = 1500 when p = 30 and 31 . Formula Used: As per the product rule, if two functions are given in the form f ( x ) . g ( x ) , then the derivative is given as: d d x ( f g ) = f d g d x + g d f d x If p = f ( q ) is the demand for the q units and price p, then at the points ( q A , p A ) , then, Elasticity of demand= η = − p q d q d p Calculation: The provided expression is p 2 + 3 p + q = 1500 , Put p = 30 in the equation, to get the value of q , ( 30 ) 2 + 3 ( 30 ) + q = 1500 900 + 90 + q = 1500 q = 510 Hence, the value of q = 510

Mathematical Applications for the Management, Life, and Social Sciences

11th Edition

ISBN: 9781305108042

Author: Ronald J. Harshbarger, James J. Reynolds

Publisher: Cengage Learning

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Chapter 11, Problem 13T

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To calculate: The elasticity of demand for p2+3p+q=1500 at p=30. If the price is raised to p=31, and also determine does the revenue increase or decrease.

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Chapter 11, Problem 12T

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Chapter 11 Solutions

Mathematical Applications for the Management, Life, and Social Sciences

Ch. 11.1 - 1. Ch. 11.1 - 2. If Ch. 11.1 - Prob. 3CP Ch. 11.1 - 4. Find . Ch. 11.1 - Prob. 1E Ch. 11.1 - Prob. 2E Ch. 11.1 - Prob. 3E Ch. 11.1 - Prob. 4E Ch. 11.1 - Prob. 5E Ch. 11.1 - Find the derivatives of the functions in Problems...

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The elasticity of demand for p 2 + 3 p + q = 1500 at p = 30 . If the price is raised to p = 31 , and also determine does the revenue increase or decrease.

Solution Summary: The author calculates the elasticity of demand for p2+3p+q=1500 at p=30and 31, and determines whether the revenue increases or decreases

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To calculate: The elasticity of demand for p2+3p+q=1500 at p=30. If the price is raised to p=31, and also determine does the revenue increase or decrease.

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Chapter 11 Solutions