Question: the demand for a product is given by p 2 ( 2 q + 1 ) = 1 0 , 0 0 0 where p

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

1) What is the elasticity of demand when p = $20?

2)How will a price increase affect total 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:

Firm 1 is a member of a monopolistically competitive market. Its total cost function is C = 900 + 60Q1 + 9Q12. The demand curve for the firms differentiated product is given by P = 660 - 16Q1. a....

Q:

You are the manager of Taurus Technologies, and your sole competitor is Spyder Technologies. The two firms products are viewed as identical by most consumers. The relevant cost functions are C(Qi) =...

Q:

The Kingston Company hires a consultant to estimate the demand function for its product. Using regression analysis, the consultant estimates the demand function to be log Q = 2.01 - 0.148 log P +...

Q:

After a careful statistical analysis, the Chidester Company concludes the demand function for its product is Q = 500 - 3P + 2Pr + 0.1I where Q is the quantity demanded of its product, P is the price...

Q:

It is the not-too-distant future and all important human needs have been eliminated. Thanks to the firm Bioeconotek, a miracle drug, Needless, has been invented that genetically suppresses a patients...

Q:

The Bergen Company and the Gutenberg Company are the only two firms that produce and sell a particular kind of machinery. The demand curve for their product is P = 580 - 3Q where P is the price (in...

Q:

The Dolan Corporation, a maker of small engines, determines that in 2012 the demand curve for its product is P = 2,000 - 50Q Where P is the price (in dollars) of an engine and Q is the number of...

Q:

The domestic supply and demand curves for Jolt coffee beans are given by P = 10 + Q and P = 100 - 2Q, respectively, where P is the price in dollars per bushel, and Q is the quantity in millions of...

Q:

The monthly market demand curve for calculators among engineering students is given by P = 100 - Q, where P is the price per calculator in dollars and Q is the number of calculators purchased per...

Q:

Suppose the demand curve for oranges is given by the equation Q = 200 P + 1,000 With quantity (Q) measured in oranges per day and price (P) measured in dollars per orange. The supply curve is given...

Q:

Using the table of Vapor Pressure of Water below 100C, what is the tabulated value of Pwater at 20C? QUESTION 12 From the graph below of the plot of in (Pwater) versus T. calculate the experimental...

Q:

Repeat problem 10, but close the position on August 1. Use the spreadsheet to find the profits for the possible stock prices on August 1. Generate a graph and use it to identify the approximate...

Q:

4. A function h is defined by h : x + 5x + 6. Express h 'in a similar form and hence evaluate h-1(6), B)and h (12}). h=(10), h 1

Q:

Julian Birkinshaw, James Manktelow, Vittorio DAmato, Elena Tosca, and Francesca Macchi In recent years, one of the most profound transformations in the workplace has been the increase in age...