Question: For the demand function q=D(p)=700/(p+9)^3, find the following. a) The elasticity b) The elasticity at p=4, stating whether the demand is elastic, inelastic or has

For the demand function q=D(p)=700/(p+9)^3, find the following.

a) The elasticity

b) The elasticity at p=4, 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)

Correct answers are : 3p/p+9 , 12/13 inelastic, and $4.50.

Can I get a walk through on why and how these are the answers?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

Q:

Ed Scahill produces table lamps in the perfectly competitive desk lamp market. a. Fill in the missing values in the following table. b. Suppose the equilibrium price in the desk lamp market is $50....

Q:

Help 600 For the demand function q = D(p) = ( p + 2) 5 find the following. a) The elasticity b) The elasticity at p = 2, stating whether the demand is elastic, inelastic or has unit elasticity c) The...

Q:

For the demand function q D p 461 p find the following a The elasticity b The elasticity at p 119 stating whether the demand is elastic inelastic or has unit elasticity c The value s of p for which...

Q:

400 2 (p + 9) For the demand function q = D(p) = , find the following. a) The elasticity b} The elasticity at p = 3, stating whether the demand is elastic, inelastic or has unit elasticity c] The...

Q:

For the demand function q = D(p) = 1/ 372 - p. nd the following. a) The elasticity b) The elasticity at p = 84, stating whether the demand is elastic inelastic or has unit elasticity c) The value(s)...

Q:

X ann 400 For the demand function q =D() = find the following. a) The elasticity b) The elasticity at x = 8, stating whether the demand is elastic, inelastic, or has unit elasticity c) The value(s)...

Q:

For the demand function q = D(p) = 4 , nd the following. (:1 + 7) a) The elasticity b) The elasticity at p = 5. stating whether the demand is elastic, inelastic or has unit elasticity c) The value(s)...

Q:

I need only answer q1 For the demand function q = D(p) =366 - p, find the following. a) The elasticity b) The elasticity at p = 102, stating whether the demand is elastic, inelastic or has unit...

Q:

Question 1: A waste management company is designing a rectangular construction dumpster that will be twice as long as it is wide and must hold 21y * d ^ 3 of debris. Find the dimensions of the...

Q:

A metal cube dissolves in acid such that an edge of the cube decreases by 0.60 mm/min. How fast is the volume of the cube changing when the edge is 7.30 mm? The volume is changing at a rate of mm...

Q:

Please help For the demand function q = D(p) = nd the following (:2 + 5)\" ' a) The elasticity b) The elasticity at p = 6, stating whether the demand is elastic, inelastic or has unit elasticity c)...

Q:

Parking at a large university has become a major issue. University administrators would like to determine the average time it takes a student to find a parking spot in a university lot. Students who...

Q:

The president of Pegasus Corporation is trying to decide which of three candidates (denoted as candidates A, B, and C) to hire as the firms new vice president of Marketing. The primary criteria the...

Q:

Which of the following assessment instruments is based on the work of Carl Jung and Jungian theory, and is the most widely used personality inventory for normal functioning? a.Minnesota Multiphasic...

Q:

Describe the difference between a fixed-quantity ( Q ) and a fixed-period ( P ) inventory system.

Q:

What is meant by service level?

Q:

On January 1, 2016, Faxico, Inc. issued $ 4,500,000 par value 8%, five- year bonds. Interest is payable semiannually on January 1 and July 1 with the first interest payment on July 1, 2016. The...

Q:

A sporting goods manufacturing company wanted to compare the distance traveled by golf balls produced using four different designs. Ten balls were manufactured with each design and were brought to...

Q:

Explain the major assumptions of the basic EOQ model.

Q:

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

Q:

A Reed Ltd manufactures three products A, B and C. Budgeted costs and selling prices for the three months ending 30 September 2012 are as follows: \begin{tabular}{lccc} & A & \multicolumn{1}{c}{ B }...

Q:

Paul Wagtail started a small manufacturing business on 1 May 2011. He has kept his records on the double entry system, and has drawn up a trial balance at 30 April 2012 before attempting to prepare...

Q:

Greatsound Ltd manufactures and sells compact disc players, the cost of which is made up as follows: \begin{tabular}{lr} & $$ \\ Direct material & 74.80 \\ Direct labour & 18.70 \\ Variable overhead...