The price along the West Coast of the United States for Japanese spruce logs (in dollars per
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The price along the West Coast of the United States for Japanese spruce logs (in dollars per cubic meter) based on the demand (in thousands of cubic meters per day) has been approximated by p = 0.604q2 - 20.16q + 263.067.
(a) Find the elasticity of demand.
In this case, elasticity will be a function of demand.
(b) Find the elasticity when the demand is 11 thousand cubic meters a day.
(c) When demand is 11 thousand cubic meters a day, is the demand for spruce logs elastic or inelastic?
(d) What happens to the elasticity as q approaches 16.6887? Discuss the limitations of this model for the price as a function of the demand.
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a p 0604q 2 2016q 263067 b Since q 11 c Since ...View the full answer
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