An art gallery offers 50 prints by a famous artist. If each print in the limited edition
Question:
An art gallery offers 50 prints by a famous artist. If each print in the limited edition is priced at p dollars, it is expected that q = 500 − 2p prints will be sold.
a. What limitations are there on the possible range of the price p?
b. Find the elasticity of demand. Determine the values of p for which the demand is elastic, inelastic, and of unit elasticity.
c. Interpret the results of part (b) in terms of the behavior of the total revenue as a function of unit price p.
d. If you were the owner of the gallery, what price would you charge for each print? Explain the reasoning behind your decision.
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a When q 50 50 500 2p or p 225 Further when q 0 0 500 2p or p 250 So t...View the full answer
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Related Book For 
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
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