The demand function for a Christmas music CD is given by x = 0.25(225 p 2
Question:
The demand function for a Christmas music CD is given by x = 0.25(225 – 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 10. E(10) =___________________
b) Should the unit price be lowered slightly from 10 in order to increase revenue? ____________
c) When is the demand unitary p = __________________
d) What is the maximum revenue? Revenue = _________________
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a Now b Yes c Find p where Then ...View the full answer
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Related Book For 
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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