Question: The demand function for a Christmas music CD is given by q = 0.6(3100 - p2) where x (measured in units of a hundred) is

The demand function for a Christmas music CD is given by q = 0.6(3100 - p2) where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. (a) Evaluate the elasticity at p = 15. E(15) = (b) Given the computed elasticity value in part (a), is the Christmas music CD an Elastic or Inelastic item? .U (c) Should the unit price be lowered slightly from p = 15 in order to increase revenue? V (d) Find the value for E to maximize revenue. E = yes no

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 Economics Questions!

(1 point) The short term demand for a product can be approximated by q = D(p) = 15 0.7;), where p represents the price of the product, in dollars, and q is the quantity demanded. Find the elasticity...

The short term demand for a product can be approximated by q = D(p) = 10 - 0.7p, where p represents the price of the product, in dollars, and q is the quantity demanded. Find the elasticity function...

The demand function for a Christmas music CD is given by q = 0.6(3100 - p2) where a (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. (a) Evaluate...

Please show work and to type out the answer also The demand function for a Christmas music CD is given by q= 0.65(650 - p2) where q (measured in units of a hundred) is the quantity demanded per week...

The demand function for a Christmas music CD is given by x = 0.25(225 p 2 ) Where x (measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. a) Evaluate...

(I points) The demand function for a Christmas music album is given by q = 0.3(350 p2) where q (measured in units of a hundred albums) is the quantity demanded per week and p is the unit price in...

(1 pt) The demand function for a Christmas music CD is given by x = 0.25(225 p) Where x(measured in units of a hundred) is the quantity demanded per week and p is the unit price in dollars. (a)...

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...

Q1 a. Explain a transaction b. Name four properties of a transaction and Explain. Q2 a. State the factors that inform the type of database model to use? b. Define and give two examples for the...

5. A purchase of equipment for BD 18,000 also involved freight charges of BD 500 and installation costs of BD 2,500. The estimated salvage value and useful life are BD 2,000 and 4 years,...

Since inventory is easily used and converted to cash, inventory is considered a / an Question 9 options: 1 ) fixed asset. 2 ) static asset. 3 ) liquid asset. 4 ) intangible asset.

Give the number of the section that designates the persons who are covered by the ESC. Give the number of the section that designates the persons who are covered by the ESC

1. To provide insight into how setting an overly narrow boundary can give a mes-sage a specific meaning, while setting a wider boundary can give a completely different meaning.

12. What is meant by the statement, often we do not know what the real problem is until we look at its possible consequences or solutions?.

9. What is meant by the statements: a) Experiences are different from what is experienced. b) The description is different from what is described.