Concept explainers
Economics: elasticity of demand. Consider the demand function given by
a. Find the elasticity.
b. Find the elasticity at x = 1, stating whether demand is elastic or inelastic.
c. Find the elasticity at x = 12, stating whether demand is elastic or inelastic.
d. At a price of $12, will a small increase in price cause total revenue to increase or decrease?
e. Find the price at which total revenue is a maximum.
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