A garden shop determines the demand function q = D(x) = 4x + 500 during early summer for tomato plants where q is 10x +9 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 garden shop determines the demand function q = D(x) = 4x + 500 during early summer for tomato plants where q is 10x +9 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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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