For the demand function q = D(x) = 400 X find the following. a) The elasticity b) The elasticity at x = 7, stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars)

Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter6: Demand And Elasticity
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For the demand function q = D(x) =
400
find the following.
a) The elasticity
b) The elasticity at x = 7, stating whether the demand is elastic, inelastic, or has unit elasticity
c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars)
...
Transcribed Image Text:For the demand function q = D(x) = 400 find the following. a) The elasticity b) The elasticity at x = 7, stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars) ...
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