Suppose that the demand for a product is given by pq + p + 100q = 50,000.

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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 revenue?

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Mathematical Applications for the Management Life and Social Sciences

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Question Posted: Feb 09, 2018 07:09 AM

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Suppose that the demand for a product is given by pq + p + 100q = 50,000.

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pq p 100q 50000 a Thus elasticity is at 99...View the full answer

Mathematical Applications for the Management Life and Social Sciences

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