FREE Trial

In Problem use the pricedemand equation p + 0.004x = 32, 0 p 32. Find the elasticity of

Question:

In Problem use the price–demand equation p + 0.004x = 32, 0 ≤ p ≤ 32.

Find the elasticity of demand when p = $16. If the $16 price is increased by 9%, what is the approximate percentage change in demand?

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 63% (11 reviews)

p 16 E 250 16 8000 25…View the full answer


answer-question
Answered By
tutor-profile-image
Marvine Ekina
Marvine Ekina Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.   PERSONAL INFORMATION Address: , , Nationality: Driving License: Hobbies: reading SKILLS ????? Problem Solving Skills ????? Predictive Modeling ????? Customer Service Skills ????? Creative Problem Solving Skills ????? Strong Analytical Skills ????? Project Management Skills ????? Multitasking Skills ????? Leadership Skills ????? Curriculum Development ????? Excellent Communication Skills ????? SAT Prep ????? Knowledge of Educational Philosophies ????? Informal and Formal Assessments
0.00 0 Reviews 10+ Question Solved
Related Book For  answer-question
College Mathematics For Business Economics, Life Sciences, And Social Sciences

College Mathematics For Business Economics, Life Sciences, And Social Sciences

ISBN: 978-0134674148

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

See More Books
Question Details
Chapter # 10
Section: Exercises 10.7
Problem: 54
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: April 08, 2022 23:54:15
See More Questions

Students also viewed these Mathematics questions

Q:
In problem use the Runge-Kutta method to approximate x(0.2) and y(0.2). First use h = 0.2 and then use h = 0.1. Use a numerical solver and h = 0.1 to graph the solution in a neighborhood of t = 0. x'...
A:
Click to View...
Q:
In problem use the Adams-Bashforth-Moulton method to approximate y(1.0), where y(x) is the solution of the given initial-value problem. First use h = 0.2 and then use h = 0.1. Use the RK4 method to...
A:
Click to View...
Q:
The price demand equation of a GPS device is p(x) = 1000e^-0.02x Where x is the monthly demand and p is the price in dollars. Find the production level and price per unit that produce the maximum...
A:
R xp x R x 100e 0 02x To find the ma......
Q:
Determine the tax basis of the business asset acquired in each of the following cases: a. Firm L paid $5,950 cash plus $416 sales tax plus a $500 installation charge for a satellite dish. b. TTP Inc....
A:
a 6 866 cost basis 5 950 purchase price 41......
Q:
List the components of M1 and M2.
A:
To conclude I can say that the M1 currency in ci......
Q:
Problems 7584. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for later sections, a final exam, or subsequent courses such as calculus. If g...
A:
To find the domain of the function 2g x 1 we need to consider two factors......
Q:
There are exactly two tenors in Carmen. (Tx: x is a tenor; Cx: x is in Carmen) Translate the following statements. Assorted statements
A:
Certainly It seems like you want me to translate various statements related to the gi......
Q:
Destiny Corporation is preparing its statement of cash flows by the indirect method. Destiny has the following items for you to consider in preparing the statement: ________ a. Increase in accounts...
A:
Req 1 O a Increase in accounts O f Loss on sale of land pay......
Q:
1. State the name and number of the law which specifies that the following are equivalent expressions: a. (A + B)' and (A' . B') b. A. 1 and A c. R. (P+Q) and (R+P) (R+Q) d. B and B. B e. 0 and (C....
A:
1 The laws mentioned are based on Boolean algebra a A B and A B are equivalent express......
Q:
Mr B aged 52 years, has earned rupees 75,00,000 out of his business. His ex-wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16...
A:
Answer Computation of Taxable income and tax liability of Mr B for the AY 2021 22 Amount Rs Amount R......
Q:
In Problem use the pricedemand equation p + 0.004x = 32, 0 p 32. Find all values of p for which demand is elastic.
A:
p 0 004x 32 Rearrange this equation x 32 p......
Q:
Find the equation(s) of the tangent line(s) at the point(s) on the graph of the equation y 3 - xy - x 3 = 2 where x = 1. Round all approximate values to two decimal places.
A:
for the y y 3 xy x 3 2 3y......
Q:
1. Based on your reading of the case, describe the leadership process used by Michael Marks. Do you think he is successful because of or in spite of his leadership approach? 2. What leadership...
A:
1 Suggested answers might include references to achievement oriented leaders charismatic lea......
Q:
What is coding and revenue cycle management? Discuss how it affects the medical facility. Your initial post (150 words minimum) is due by Wednesday , and 2 replies (50 words minimum) are due by...
A:
Revenue cycle management involves the financial processes that healthcare facilities use to manage c......
Q:
Parrot Company obtains some of the outstanding common stock of Sun Company on January 1, 2017. Parrot acquires Sun's 30% ownership interest for $250,000 in cash. Sun Company's balances are shown...
A:
1 caluculation of retained earning 380000 less dividend declared 60000 Add earning Closing balance 2......
Q:
Presented below is financial information for Contreras Inc., for the year ended December 31, 2024
A:
Calculations Sales 22 040 000 Less Sales Returns and Allowances 30 000 Less Sales Discounts 10 000 N......
Q:
Anne works full time and earns $3,475 per month before taxes and other payroll deductions. Anne also works a part-time job on the weekends. Anne earns $800 per month (before payroll deductions) from...
A:
Anne s Net Cash Flow for the Month of September 2023 Income Full time job 3 475 Part time job 800 In......
Q:
What main features must a contract have to be binding? 2.. What does it mean for the parties to an agreement to be ad idem? 3. How do the courts determine whether the parties to an agreement intended...
A:
1 To be binding a contract must have an offer acceptance intention to create legal relations consideration certainty and legal capacity of the parties 2 Ad idem means the parties have a meeting of the......
Q:
How does an FI evaluate its credit risks with respect to consumer and small business loans?
A:
The techniques used for mortgage loan credit analysis are very similar to those applied to individua......
Q:
Time Solutions, Inc. is an employment services firm that places both temporary and permanent workers with a variety of clients. Temporary placements account for 70% of Time Solutions' revenue;...
A:
a Chemical Company Trailer Manufacturer Newspaper Publisher Food Processor Sales 466 733 145 764 122 604 167 327 Total cost of sales 406 986 134 823 1......
Q:
Sketch a scatter plot for which r > 0, but r = 0 after one of the points is deleted.
A:
r 0 y 14 12......
Q:
Refer to the previous exercise. The correlation with the cost of a dinner is 0.68 for food quality rating, 0.69 for service rating, and 0.56 for dcor rating. According to the definition of r 2 as a...
A:
Since the service rating has the......
Q:
For the 32 nations in Example 7, we found a correlation of 0.614 between Internet use and Facebook use (both as percentages of population). The regression equation is predicted Facebook use = 7.90 +...
A:
a The positive correlation means a positive association i e nat......
Leadership Agility Five Levels Of Mastery For Anticipating And Initiating Change 1st Edition - ISBN: 0787979139 - Free Book