Concept explainers
Demand for chocolate chip cookies. Good Times Bakers determines that the demand function for its chocolate chip cookies is
Where q is the quantity of cookies sold when the price is x cents per cookie.
a. Find the elasticity
b. At what price is elasticity of demand equal to 1?
c. At what prices is elasticity of demand elastic?
d. At what prices is elasticity of demand inelastic?
e. At what price is the revenue a maximum?
f. At a price of
Trending nowThis is a popular solution!
Chapter 2 Solutions
Calculus and Its Applications (11th Edition)
Additional Math Textbook Solutions
Precalculus Enhanced with Graphing Utilities (7th Edition)
Precalculus: Concepts Through Functions, A Unit Circle Approach to Trigonometry (4th Edition)
Glencoe Math Accelerated, Student Edition
Calculus: Early Transcendentals (3rd Edition)
Precalculus (10th Edition)
Thomas' Calculus: Early Transcendentals (14th Edition)
- When a certain drug is taken orally, the concentration of the drug in the patient's bloodstream After t minutes is given by C(t)=0.06t0.0002t2 where 0t240 and concentration is measured in mg/L .When is the maximum serum concentration reached, and what is that maximum concentration?arrow_forwardThe cost in dollars of making x items is given by the function Cx)=10x+500. a. The fixed cost is determined when zero items are produced. Find the fixed cost for this item. b.What is the cost of making 25 items? c.Suppose the maximum cost allowed is SI500. What are the domain and range of the cost function, C(x) ?arrow_forwardGrazing Kangaroos The amount of vegetation eaten in a day by a grazing animal V of food available measured as biomass, in units such as pounds per acre. This relationship is called the functional response. If there is little vegetation available, the daily intake will be small, since the animal will have difficulty finding and eating the food. As the amount of food biomass increases, so does the daily intake. Clearly, though, there is a limit to the amount the animal will eat, regardless of the amount of food available. This maximum amount eaten is the satiation level. a.For the western grey kangaroo of Australia, the functional response is G=2.54.8e0.004V, where G=G(V) is the daily intake measured in pounds and V is the vegetation biomass measured in pounds per acre. i. Draw a graph of G against V. Include vegetation biomass levels up to 2000 pounds per acre. ii. Is the graph you found in part i concave up or concave down? Explain in practical terms what your answer means about how this kangaroo feeds. iii. There is a minimal vegetation biomass level below which the western grey kangaroo will eat nothing. Another way of expressing this is to say that the animal cannot reduce the food biomass below this level. Find this minimal level. iv. Find the satiation level for the western grey kangaroo. b. For the red kangaroo of Australia, the functional response is R=1.91.9e0.033V, Where R is the daily intake measured in pounds and V is the vegetation biomass measured in pounds per acre. i. Add the graph of R against V to the graph of G you drew in part a. ii. A simple measure of the grazing efficiency of an animal involves the minimal vegetation biomass level described above: The lower the minimal level for an animal, the more efficient it is at grazing. Which is more efficient at grazing, the western grey kangaroo or the red kangaroo?arrow_forward
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageCollege AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
- Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage LearningGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillAlgebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning