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
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