ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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**Demand Equation for High-End Sports Cars** The demand equation for a high-end sports car is given by: \[ x = 10 \sqrt{\frac{50 - p}{p}} \quad (0 < p \leq 50) \] Where \( x \) is the quantity demanded per year and \( p \) is the unit price in hundreds of thousands of dollars. **Tasks:** (a) **Compute the Elasticity of Demand.** Show all algebraic steps and simplify as much as possible. (b) **Is the Demand Elastic, Inelastic, or Unitary** when the car is priced at $1,900,000? (c) **At What Price Will the Revenue Be Maximized?**
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Transcribed Image Text:**Demand Equation for High-End Sports Cars** The demand equation for a high-end sports car is given by: \[ x = 10 \sqrt{\frac{50 - p}{p}} \quad (0 < p \leq 50) \] Where \( x \) is the quantity demanded per year and \( p \) is the unit price in hundreds of thousands of dollars. **Tasks:** (a) **Compute the Elasticity of Demand.** Show all algebraic steps and simplify as much as possible. (b) **Is the Demand Elastic, Inelastic, or Unitary** when the car is priced at $1,900,000? (c) **At What Price Will the Revenue Be Maximized?**
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