In Exercises 65 through 68, the demand function q = D(p) for a particular commodity is given
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In Exercises 65 through 68, the demand function q = D(p) for a particular commodity is given in terms of a price p per unit at which all q units can be sold. In each case:
(a) Find the elasticity of demand and determine the values of p for which the demand is elastic, inelastic, and of unit elasticity.
(b) If the price is increased by 2% from $15, what is the approximate effect on demand?
(c) Find the revenue R(p) obtained by selling q units at the unit price p. For what value of p is revenue maximized?
D(p) = 3,000e−0.04p
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Related Book For
Calculus For Business, Economics And The Social And Life Sciences
ISBN: 9780073532387
11th Brief Edition
Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price
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