A garden shop determines the demand function q = D(x)=- during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. 30x+9 (a) Find the elasticity. (b) Find the elasticity when x = 2. (c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is
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- 4x + 500 10x +9 the number of plants sold per day when the price is x dollars per plant. A garden shop determines the demand function q = D(x) = (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is during early summer for tomato plants where q is M Ir2x + 500 A garden shop determines the demand function q =| D(x) = during early summer for tomato plants where q is the number of plants sold per day when the price is x dollars per plant. 20x +9 (a) Find the elasticity. (b) Find the elasticity when x=3. (c) At $3 per plant, will a small increase in price cause the total revenue to increase or decrease? (a) The elasticity is. (b) When x = 3, the elasticity is| (Simplify your answer. Type an integer or a fraction) (c) Fill in the blank below. At $3 per plant, a small increase in price will cause the total revenue toConsider the demand function for bicycles in South Florida: Q = 24 + 3Y – 1.2P where: Q is quantity demanded, Y is monthly income, and P is the price per unit. If/when P = $54, and Y = $2,300, (a) Find the quantity of bicycles that would be sold. (b) Calculate the amount of the seller's total revenue. (c) Compute the price-elasticity of demand (Ep) for bicycles. (d) Interpret your result in (c). (e) Compute the income-elasticity of demand (Ey) for bicycles. (f) Interpret your result in (e).
- In this problem, p is in dollars and q is the number of units.Suppose that the demand for a product is given by (p + 7) q + 6 = 1120. (a) Find the elasticity when p = $33. (Round your answer to two decimal places.)(b) Tell what type of elasticity this is. Demand is elastic.Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An increase in price decreases revenue. Revenue is unaffected by price.In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 69 - 300 at (9, p) = (25, 150). (b) How will a price increase affect total revenue? O Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. O Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. Since the demand is inelastic, an increase in price will increase the total revenue. Need Help? Read It Watch ItThe demand function of a certain commodity is X = 30 2P. When the price P changes from 5 to 10, please calculate the price elasticity of demand e. (a) 0.1 (b) 0.2 (c) 0.3 (d ) 0.4 (e) 0.5 (f) 2
- (c) Given the demand function P = -3Q² – 6Q + 96, (i) find elasticity when the price is $63. Is the demand elastic, unit elastic or inelastic? Hence, will the revenue increase or decrease if the price increases? (ii) If the price increase by 3%, calculate the corresponding percentage increase in demand.Price (dollars) 9. 7 10 14 18 22 26 30 Quantity (units per year) In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to A) 0.62. B) 0.40. C) 2.50. D) 1.00.Economics In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 6q = 180 at (q, p) = (15, 90).
- Suppose that the price per unit p as a function of the demanda is p = 478.8 -0.9x. (a) Calculate the price elasticity of demand when x = 132. n = -2.44, therefore the demand is elastic (b) Calculate the price elasticity of demand when x = 425. n = -0.202 therefore the demand is inelastic (c) Find the demand that gives unit elasticity. x = 266.0 ✓Worldwide annual sales of smartphones over a two year period were approximately q=-4p+3020 million phones at a selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E E=_____ (b) in one of the years the actual selling price was $305 per phone. What was the corresponding price elasticity of demand? E=_____ (c) The demand was going down by about _____% per 1% increase in the price at that price level. (d) use your formula for E to determine the selling price that would have resulted in the largest annual revenue. $____ What would’ve been the resulting annual revenue? $____ billionTutorial Exercise Worldwide annual sales of smartphones in over a 5 year period were projected to be approximately q = −10p + 4,540 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. (b) In one particular year the actual selling price was $277 per phone. What was the corresponding price elasticity of demand? Interpret your answer. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. What, to the nearest $10 million, would have been the resulting annual revenue? Step 1 (a)Obtain a formula for the price elasticity of demand E. Recall that the price elasticity of demand E is the percentage rate of decrease of demand divided by the percentage increase of price, given by the formula. E = − dq dp · p q We are already given the formula q = −10p + 4,540 for the demand of smartphones (in millions). First, we find the derivative…