Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 - 0.02x where x is the number of tapes that can be sold at $p per roll of tape. (a) Express the demand x as a function of price p. Find the domain of this function. (b) Find the elasticity of demand, E (p), in reduced form. (c) If Mead Plumbing decides to increase their current price, would their revenue increase or decrease? Explain how you arrived at your answer.

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 44E
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can you do it on paper please thanks ;)

Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research
department has derived the price-demand equation as p = 60 - 0.02x
where x is the number of tapes that can be sold at $p per roll of tape.
(a) Express the demand x as a function of price p. Find the domain of this function.
(b) Find the elasticity of demand, E (p), in reduced form.
(c) If Mead Plumbing decides to increase their current price, would their revenue increase or
decrease? Explain how you arrived at your answer.
Transcribed Image Text:Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 - 0.02x where x is the number of tapes that can be sold at $p per roll of tape. (a) Express the demand x as a function of price p. Find the domain of this function. (b) Find the elasticity of demand, E (p), in reduced form. (c) If Mead Plumbing decides to increase their current price, would their revenue increase or decrease? Explain how you arrived at your answer.
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