Question: Given the demand equation 25p+x=1,000 b) express the demand equation x as a function of the price p b) find the elasticity of demand, e(p)

Given the demand equation 25p+x=1,000

b) express the demand equation x as a function of the price p

b) find the elasticity of demand, e(p)

c) find e (15) and interpret

d) express the revenue function as a function of price p

e) if p=25 dollars, what is the effect of a price cut on revenue

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:

Using the accompanying Retirement_Calculator spreadsheet model, Claire wants to use Scenario Manager to compare the following retirement saving scenarios: Click here for the Excel Data File Scenario...

Q:

Given the demand equation 25p + x = 1,000, (A) Express the demand x as a function of the price p. (B) Find the elasticity of demand, E(p). (C) Find E (15) and interpret. (D) Express the revenue...

Q:

1. An event promoter in Antigua is selling tickets to her all-inclusive Carnival fete for $150.00 each. She has rented a venue at a cost of $3500, and will incur other fixed costs for a DJ ($1000),...

Q:

3. Given the price-demand equation p + 0.005x = 30 a) Express the demand x as a function of the price p. (1 mark) b) Find the elasticity of demand, E(p). (7 marks) c) What is the elasticity of demand...

Q:

3. Given the price-demand equation p + 0.02x = 300 a) Express the demand x as a function of the price p. b) Find the elasticity of demand, E(p)*. c) What is the elasticity of demand when p = $100? If...

Q:

Given the price-demand equation: p + 0.004x = 32, a. Express the demand x as a function of p. b. Find the elasticity of demand, E(p). c. What is the elasticity of demand when p = $12? d. When p =...

Q:

find all parts to question 23 thank you Now assume we are given a very different demand function: D(P) = 250 - 3p, Find the Elasticity of Demand at a price of $55. Give your answer to three decimal...

Q:

1. An event promoter in Antigua is selling tickets to her all-inclusive Carnivalfete for $150.00 each. She has rented a venue at a cost of $3500, and will incurother fixed costs for a DJ ($1000), MC...

Q:

PLS HELP ME 6. (4p) Consider a Heckscher-Ohlin model with two countries, Home and Foreign, and two factors of production, land (T) and labor (L). Land and labor are used to produce two goods, gadgets...

Q:

9. [-l4 Points] DETAILS WANEFMAC7 11.2.006. Find the marginal cost, marginal revenue, and marginal prot functions. C(x) = 7x2; R(X) = x3 + 11x + 18 marginal cost marginal revenue marginal profit Find...

Q:

The weekly sales of Honolulu Red Oranges is given by q = 800 - 20p. Calculate the price elasticity of demand when the price is $32 per orange (yes, $32 per oranget). Interpret your answer. The demand...

Q:

The following are the percentage profitability data (%) for the top 12 American corporations. 39, 33, 63, 41, 46, 32, 27, 13, 55, 35, 32, 30 Find the mean, median, and standard deviation of the...

Q:

The Anorexia data file on the text CD shows weight change for 72 anorexic teenage girls who were randomly assigned to one of three psychological treatments. a. Show how to construct 95% confidence...

Q:

Indrate the effect each separate tratsactuon has on invitity cauh fows. results is a $ 1 0 . 0 0 0 loss. b . Sold a machine conting $ 1 0 , 0 0 0 , with $ 3 , 0 0 0 of accumulued depreciuion, for $ 5...

Q:

Explain why diversification is important in potentially minimizing risk and the categories of risks.