7. [I1 Points] ' DETAILS ' ' MYNOTES [ Math 110 Course Resources - Marginal Analysis & Elasticity Course Packet on elasticity of demand Given the demand equation p + = 24, where p represents the price in dollars and x the number of units, determine the elasticity of demand when the price p is equal to $9. Elasticity of Demand = E: Therefore, demand is O unitary O inelastic O elastic when price is equal to $9 and a small increase in price will result in O a decrease in total revenue. 0 an increase in total revenue. 0 little to no change in total revenue. A W Math 110 Course Resources - Marginal Analysis & Elasticity Course Packet on elasticity of demand and finding the unitary price point Given the demand equation x + _ - 60 = 0, where p represents the price in dollars and x the number of units, determine the value of p where the elasticity of demand is unitary. Price, p = dollars This is the price at which total revenue is O minimized O maximized 9. [-/1 Points] DETAILS MY NOT Math 110 Course Resources Marginal Analysis & Elasticity Course Packet on elasticity of demand and finding the unitary price point Given the demand equation x + 45p = 486, where p represents the price in dollars and x the number of units, determine the value of p where the elasticity of demand is unitary. Price, p = dollars If the current price is 10 dollars and price is increased by 1%, then total revenue will O increase O decrease 9 SEP tv 4 o O wiv 28 1I 44 F8 F9 $10 BO F3 F6 F7 F4 F5Webassignvnet 10. [/1 Points] DETAILS 7 r ' MY NOTES l Math 110 Course Resources - Marginal Analysis & Elasticity Course Packet on elasticity of demand $5. ' Elasticity of Demand = [:I i . . _ 32 . . I Given the demand equation x 12 +i, where p represents the price in dollars and x the number of units, determine the elasticity of demand when the price p is equal to Therefore, demand is l O unitary i O elastic ' O inelastic ' when price is equal to $5 and a small increase in price will result in 0 little to no change in total revenue. 0 a decrease in total revenue. O an increase in total revenue. i l l , , 11. [-/1 Points] DETAILS Math 110 Course Resources - Marginal Analysis & Elasticity Course Packet on elasticity of demand Determine whether each statement is true or false. You have one submission for each statement. (a) If demand is unitary when the unit price is p = $4, then revenue will decrease if the unit price is increased slightly from $5. OTrue OFalse (b) If demand is unitary when the unit price is p = $4, then revenue will decrease if the unit price is increased slightly from $3. OTrue OFalse (c) Total revenue is decreasing when the demand is elastic and the price is increased slightly. OTrue OFalse (d) Total revenue is maximized at the equilibrium point. OTrue OFalse (e) Total revenue is increasing when the demand is inelastic and the price is increased slightly. OTrue OFalse (f) Total revenue is maximized when the demand is unitary. OTrue OFalse SEP tv 28 4 esc 988 DII F1 F2 20 F4 FS - F6 F7 F8 F9 # & 6 O Z 3 4 5 Q W E R T Y U O A S D F G H L K Z X C V B N M