Question: Suppose that the demand for a product is given by pq + p = 5000. (a) Find the elasticity when p = $50 and q

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 would revenue be affected by a price increase?

Step by Step Solution

★★★★★

3.44 Rating (170 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

pq p 5000 a At 99 50 the elast... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1386-M-C-L-A-D(4327).docx

120 KBs Word File

Students Have Also Explored These Related Calculus Questions!

Suppose that the demand for a product depends on the price p according to where p is in dollars. Find and explain the meaning of the instantaneous rate of change of demand with respect to price when...

Suppose that the demand for a product is 30 units per month and the items are withdrawn at a constant rate. The setup cost each time a production run is undertaken to replenish inventory is $15. The...

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...

10. [2/3 Points) DETAILS PREVIOUS ANSWERS HARMATHAP12 11.5.007. In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 100q =...

In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 100q = 50,000. (a) Find the elasticity when p = $735. (Round your answer to...

Suppose that the demand for a product is given by pq + p + 100q = 50,000. (a) Find the elasticity when p = $401. (b) Tell what type of elasticity this is. (c) How would a price increase affect...

In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 1 0 0 q = 5 0 , 0 0 0 . ( a ) Find the elasticity when p = $ 5 6 8 . ( Round...

Hi, kindly help me to answer below questions 3 and 5. Thanks! QUESTION 3 a) Find derivatives of the following functions i. Find ifs = (7+9)(#-9). (2.5 marks) ii. Find - if R(x) = 70x' +71x 2x + 2...

- Elasticity - MATH CO webassign.net/web/Student/Assignment-Responses/last?dep=24506408 [-/3 Points] DETAILS HARMATHAP12 11.5.008. In this problem, p Is in dollars and q is the number of units....

1. [-/1 Points] DETAILS HARMATHAP12 9.4.001. MY NOTES Find the derivative of the function. y = 63 Need Help? Read It Watch It Submit Answer 2. [-/1 Points] DETAILS HARMATHAP12 9.4.003. MY NOTES Find...

Find the level of effective rate of interest over a four-year period which is equivalent to an effective rate of interest of 5% in the first year, nominal interest rate of discount 6% convertible...

Walter White works for Dodgy insurance company. Walter is given the task of predicting how many houses in a rural suburb in Victoria will be destroyed by a fire in the next 12 months out of a sample...

Which of the following activities has an effect on cash provided by fused inf oper ating activesest 3 3 Multiple Choice 0 1 : 4 4 : 5 0 Payment of dividends to the compsny's stockholders....

Most government agencies solicit bids for contracts to provide goods and services to government entities. Examples include food services for the U.S. military, transportation services for government...

A cylindrical can without a top is made to contain V cm3 of liquid. Find the dimensions that will minimize the cost of the metal to make the can.

A fence 8 ft tall runs parallel to a tall building at a distance of 4 ft from the building. What is the length of the shortest ladder that will reach from the ground over the fence to the wall of the...

A cone-shaped drinking cup is made from a circular piece of paper of radius R by cutting out a sector and joining the edges CA and CB. Find the maximum capacity of such a cup. A B R

Assuming the data in the following table for corporate bonds, compute the average hedge ratio (duration multiplier) at the average spread level for the three credit ratings (M1,M2, AND M3)

In the real world where relative PPP fails to hold, suppose that U . S . inflation is expected to exceed European inflation ( U S e - E e ) by 6 percent for the foreseeable future. Furthermore,...

Bir departmandan 180400 birim transfer edildiyse, devam eden bir i balamadysa ve bir dnem sonunda hala devam eden 29200 birim varsa, dnem iinde retime balayan birim says 151200. 209600. 180400. 29200.