Explanation Given information: The demand for a product is given by, q = 5000 − 10 p 2 . Calculation: The demand for a product is given by, q = 5000 − 10 p 2 ....(1) The revenue function is generated by, R = p ( 5000 − 10 p 2 To determine To evaluate: The price at which maximum revenue is generated. To determine To evaluate: The quantity is sold at the price p = 10 5 3 and the revenue generated at this price. To determine To show: The elasticity is equal to 1 at p = 10 5 3 .

6th Edition

ISBN: 9781119399353

Author: DA

Publisher: JOHN WILEY+SONS,INC.-CONSIGNMENT

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Question

Chapter 4.6, Problem 15P

To determine

To evaluate:

The total revenue for the yam farmer.

To determine

To evaluate:

The price at which maximum revenue is generated.

To determine

To evaluate:

The quantity is sold at the price p=1053 and the revenue generated at this price.

To determine

To show:

The elasticity is equal to 1 at p=1053.

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Chapter 4.6, Problem 14P

Chapter 4.6, Problem 16P

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Chapter 4 Solutions

EBK APPLIED CALCULUS, ENHANCED ETEXT

Ch. 4.1 - Prob. 1P Ch. 4.1 - Prob. 2P Ch. 4.1 - Prob. 3P Ch. 4.1 - Prob. 4P Ch. 4.1 - Prob. 5P Ch. 4.1 - Prob. 6P Ch. 4.1 - Prob. 7P Ch. 4.1 - Prob. 8P Ch. 4.1 - Prob. 9P Ch. 4.1 - Prob. 10P

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The total revenue for the yam farmer.

Solution Summary: The author evaluates the total revenue for the yam farmer. The revenue generated is given by 9920.

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To evaluate: The total revenue for the yam farmer.

To evaluate: The price at which maximum revenue is generated.

To evaluate: The quantity is sold at the price p=1053 and the revenue generated at this price.

To show: The elasticity is equal to 1 at p=1053.

Want to see the full answer?

Chapter 4 Solutions

To evaluate:

The total revenue for the yam farmer.

To evaluate:

The price at which maximum revenue is generated.

To evaluate:

The quantity is sold at the price p=1053 and the revenue generated at this price.

To show:

The elasticity is equal to 1 at p=1053.