ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:**Determining Elasticity and Revenue Insights**
Suppose that the demand for a product is given by \( q(p+9) = 3675 \). Find the *elasticity* when \( p = \$40 \).
**Questions to Consider:**
- What *type of elasticity* is this?
- What do you know about the *revenue* with respect to price increase?
This problem involves understanding the relationship between price and demand, and how changes in price can affect revenue and elasticity.
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