2x + 500 A garden shop determines the demand function q = D(x) =OA during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is. (b) When x = 3, the elasticity is (Simplify your answer. Type an integer or a fraction) (c) Fill in the blank below. At $3 per plant, a small increase in price will cause the total revenue to

2x + 500 A garden shop determines the demand function q = D(x) =OA during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. (a) Find the elasticity. (b) Find the elasticity when x = 3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is. (b) When x = 3, the elasticity is (Simplify your answer. Type an integer or a fraction) (c) Fill in the blank below. At $3 per plant, a small increase in price will cause the total revenue to

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 6.1IP

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