Suppose the demand for a product is p 2 + 3p + q = 1500, where p
Question:
Suppose the demand for a product is p2 + 3p + q = 1500, where p is in dollars and q is the number of units. Find the elasticity of demand at p = 30. If the price is raised to $31, does revenue increase or decrease?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
Revenue decreases p ...View the full answer
Answered By
Shadrack Mulunga
I am a Biochemistry by profession. However, I have explored different fields of study. My quest to explore new fields has helped me gain new knowledge and skills in Business, clinical psychology, sociology, organizational behavior and general management, and Project Management. I count my expertise in Project management, in particular, creation of Work Break Down Structure (WBS) and use of Microsoft Project software as one of my greatest achievement in Freelancing industry. I have helped thousands of BSC and MSC students to complete their projects on time and cost-effectively using the MS Project tool. Generally, I find happiness in translating my knowledge and expertise to success of my clients. So far, i have helped thousands of students to not only complete their projects in time but also receive high grades in their respective courses. Quality and timely delivery are the two key aspects that define my work. All those who hired my services always come back for my service. If you hire my services today, you will surely return for more. Try me today!
5.00+
154+ Reviews
289+ Question Solved
Related Book For
Mathematical Applications For The Management, Life And Social Sciences
ISBN: 9781337625340
12th Edition
Authors: Ronald J. Harshbarger, James J. Reynolds
Question Posted:
Students also viewed these Mathematics questions
-
Suppose the demand for a product is given by p2(2q + 1) = 10,000 where p is in dollars and q is the number of units. (a) Find the elasticity of demand when p = $20. (b) How will a price increase...
-
Suppose that the demand for a product is given by pq + p = 5000. (a) Find the elasticity when p = $50 and q = 99. (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. (c) How...
-
Suppose that the demand for a product is given by 2p2q = 10,000 + 9000p2. (a) Find the elasticity when p = $50 and q = 4502. (b) Tell what type of elasticity this is: unitary, elastic, or inelastic....
-
As mentioned in Section 5.6, Sainte-Venants principle will allow particular boundary conditions to be replaced by their statically equivalent resultant. For problems (b), (c), (d),and (f) in Exercise...
-
Can a corporation's annual profit be predicted from information about the company's CEO? Each year Forbes publishes data on company profit (in $ millions), CEO's annual income (in $ thousands), and...
-
In December 20X0, the Consumer Association of America (CAA), a not-for-profit research organization, received a $6 million grant from the Sporting Goods Manufacturers Association (SGMA) to develop a...
-
What is the difference between a letter of transmittal and letter of authorization?
-
Grass King manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and contribution margin per unit are as follows. Grass King has fixed costs of $4,600,000. Instructions Compute the...
-
What is the present Value of $5, 000 to be received in each of the following situations: a. at end of 10 years with a 5% discount rate. b. at the end of 7 years when the appropriate interest rate is...
-
The data shown in Table 1 are x and R values for 15 samples. Set up x and R charts on this process. Does this process seem to be in statistical control comment? Sample x No R 1 34.5 3 34.2 4 3 31.6 4...
-
If xy 2 - y 3 = 1, find y'.
-
Write the equation of the line tangent to y = 4e x3 at x = 1.
-
Identify the main components of an information system, and describe the systems stakeholders .
-
What should you do if you have multiple personal commitments as well as study commitments?
-
Regarding the rights of partners to share in profits, if the partnership agreement does not establish how the partnership will distribute profits, ________blank. Group of answer choices distribution...
-
Examine and reflect on activities in the profession that lead to life-long learning. Compare and contrast leadership attributes for professional service and scholarship.
-
A bank's estimated bad debt expense associated with its loan receivables is called its Multiple choice question. loan loss provision. accumulated loan loss. capital adequacy ratio. loan charge-offs.
-
Darren is working with an independent auditor to produce an audit report that he will share with his customers under NDA to demonstrate that he has appropriate security controls in place. The auditor...
-
What are some of the key components to implementing change strategies effectively? Describe a time when an organization for which you have worked underwent significant change. Which of the key...
-
Listed below are several terms and phrases associated with basic assumptions, broad accounting principles, and constraints. Pair each item from List A (by letter) with the item from List B that is...
-
To determine the relationship between age of cars and annual repair costs a random sample of car owners was drawn and the two variables were recorded. Calculate statistics to determine whether cost...
-
Refer to Exercise 4.95. In another survey by the Bureau of Labor Statistics respondents who reported that they rent their dwelling were asked their age and how much they spend annually on rent. Use a...
-
Refer to Exercise 7.49. a. Determine the distribution of X + Y. b. Determine the mean and variance of X + Y. c. Does your answer to part (b) equal the answer to Exercise 7.49? In exercise 7.49 The...
-
Develop a 3-year financial projection for your proposed cancer tele-genetics program . State any and all assumptions you make in creating your estimates. Please consider the following in creating...
-
Lets assume that we have project L, which has a 40% chance of turning out good. The company Raises $7,000, 50% from bondholders demanding a 6% interest rate and 50% from stockholders, which becomes...
-
Please assist in the filling out the above and below table. I have provided all information that has been provided to me. Company Shares Outstanding Latest Share Price MVE Total Debt W d W e a b c =...
Study smarter with the SolutionInn App