(a) Explanation Given Information: The demand as a function of p where the demand of the flop at the company, The Secret Loves of John O, is given by q = − 2 p 2 + 5 p + 6 ( 0 ≤ x ≤ 3.3 ) . Formula used: Income Elasticity of Demand The income elasticity of demand E is the percentage increase in demand of one item per percentage increase in personal income. E is given by the formula: E = d q d x ⋅ x q The demand is elastic if E > 1 , the demand is inelastic if demand is unitary elastic if E = 1 . Calculation: The demand as a function of p where the demand of the flop at the company, The Secret Loves of John O, is given by q = − 2 p 2 + 5 p + 6 ( 0 ≤ x ≤ 3.3 ) (b) To determine To calculate: The elasticity of the demand for this book at a price of $ 2 and $3 where the demand of the flop at the company, The Secret Loves of John O, is given by q = − 2 p 2 + 5 p + 6 ( 0 ≤ x ≤ 3.3 ) . (c) To determine To calculate: The price the company should charge in order to obtain largest revenue where the demand of the flop at the company, The Secret Loves of John O, is given by q = − 2 p 2 + 5 p + 6 ( 0 ≤ x ≤ 3.3 ) .

Student Solutions Manual for Waner/Costenoble's Finite Math and Applied Calculus, 7th

7th Edition

ISBN: 9781337275972

Author: Waner, Stefan; Costenoble, Steven

Publisher: Cengage Learning

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Chapter 12, Problem 36RE

(a)

To determine

To calculate: The price elasticity of the demand as a function of p where the demand of the flop at the company, The Secret Loves of John O, is given by q=−2p2+5p+6 (0≤x≤3.3).

(b)

To determine

To calculate: The elasticity of the demand for this book at a price of $2 and $3 where the demand of the flop at the company, The Secret Loves of John O, is given by q=−2p2+5p+6 (0≤x≤3.3).

(c)

To determine

To calculate: The price the company should charge in order to obtain largest revenue where the demand of the flop at the company, The Secret Loves of John O, is given by q=−2p2+5p+6 (0≤x≤3.3).

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Chapter 12, Problem 35RE

Chapter 12, Problem 37RE

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Chapter 12 Solutions

Student Solutions Manual for Waner/Costenoble's Finite Math and Applied Calculus, 7th

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The price elasticity of the demand as a function of p where the demand of the flop at the company, The Secret Loves of John O, is given by q = − 2 p 2 + 5 p + 6 ( 0 ≤ x ≤ 3.3 ) .

Solution Summary: The author calculates the price elasticity of demand as a function of p where the demand of the flop at the company, The Secret Loves of John O, is given by q=-2p2

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To calculate: The price elasticity of the demand as a function of p where the demand of the flop at the company, The Secret Loves of John O, is given by q=−2p2+5p+6 (0≤x≤3.3).

To calculate: The elasticity of the demand for this book at a price of $2 and $3 where the demand of the flop at the company, The Secret Loves of John O, is given by q=−2p2+5p+6 (0≤x≤3.3).

To calculate: The price the company should charge in order to obtain largest revenue where the demand of the flop at the company, The Secret Loves of John O, is given by q=−2p2+5p+6 (0≤x≤3.3).

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Chapter 12 Solutions