A company estimates that the weekly sales q of its product is related to the product's price p by the function q= 11900 10 where p is in dollars. Currently, each unit of the product is selling for $5. a. Determine the point elasticity of demand of this product. (Do not round e; answer exactly.) The point elasticity of demand is & = Round these next two parts to the nearest whole number. b. Determine the effect on revenue if the price were decreased by 1%. If the price were decreased by 1%, the revenue will Select an answer by $ c. Determine the effect on revenue if the price were decreased by 5%. If the price were decreased by 5%, the revenue will Select an answer by $ Select d

A company estimates that the weekly sales q of its product is related to the product's price p by the function q= 11900 10 where p is in dollars. Currently, each unit of the product is selling for $5. a. Determine the point elasticity of demand of this product. (Do not round e; answer exactly.) The point elasticity of demand is & = Round these next two parts to the nearest whole number. b. Determine the effect on revenue if the price were decreased by 1%. If the price were decreased by 1%, the revenue will Select an answer by $ c. Determine the effect on revenue if the price were decreased by 5%. If the price were decreased by 5%, the revenue will Select an answer by $ Select d

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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