Consider the following. Quantity Demanded x = 21 Demand Function p = 800 – 3x Find the price elasticity of demand for the demand function at the indicated x-value. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? O The demand is elastic at this x-value. The demand is inelastic at this x-value. The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function.
Consider the following. Quantity Demanded x = 21 Demand Function p = 800 – 3x Find the price elasticity of demand for the demand function at the indicated x-value. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? O The demand is elastic at this x-value. The demand is inelastic at this x-value. The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Identify the intervals of elasticity and inelasticity. (Enter your answers using interval notation. If an answer does not exist, enter DNE.)
elastic
inelastic
Transcribed Image Text:Consider the following.
Quantity Demanded
X = 21
Demand Function
p = 800 – 3x
Find the price elasticity of demand for the demand function at the indicated x-value.
Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value?
The demand is elastic at this x-value.
The demand is inelastic at this x-value.
O The demand is of unit elasticity at this x-value.
Use a graphing utility to graph the revenue function.
y
y
35 000;
1000
30 000
800
25 000
20 000
600
15 000}
400
10 000
200
5000
X
50
100
150
200
250
50
100
150
200
250
i
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