ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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The inverse demand function is p=50−0.5Q,
what is the price elasticity of demand and revenue at
Q=80?
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- For the demand function q = D(p) = 442-p, find the following a) The elasticity b) The elasticity at p = 110, stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s) of p for which total revenue is a maximum (assume that p is in dollars) ... a) Find the equation for elasticity. E(p) = b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic or has unit elasticity E(110) (Simplify your answer. Type an integer or a fraction) Is the demand elastic, inelastic, or does it have unit elasticity? = inelastic elastic unit elasticity c) Find the value(s) of p for which total revenue is a maximum (assume that p is in dollars) (Round to the nearest cent. Use a comma to separate answers as needed.)arrow_forwardYou've estimated the market demand curve for the spice market as P=184 - 2Q. What is elasticity of demand for spice at P=49 in absolute terms? Enter a number only.arrow_forward
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