Question
For problems #14, find the Derivative of each expression. Use correct notation for derivative! Algebraic simplification of each derivative result is not required. Solve the
For problems #14, find the Derivative of each expression. Use correct notation for derivative! Algebraic simplification of each derivative result is not required. Solve the Elasticity of Demand problems (#5-6) to 3 decimal places.
1) y = (16t2.5 - 96t +e-t )2/3
2) y = e-1.6x3 + 5x + 4.7
3) y = log4 (7x1.2 + 36 - 1.5x-2
4) y = 121.4w + 0.35 - 0.7w
5) Suppose a round-trip airline ticket from Buffalo to Syracuse sells for price "p" (measured in dollars). For this route, a regional airline found that daily demand for tickets "x" can be represented by: x = 256 - 0.01p2
5a) For this round-trip airline ticket, find the expression for Elasticity of Demand "" and simplify.
5b) Evaluate the Elasticity of Demand for p = $80. Solve Elasticity of Demand to 3 decimal places. Classify the type of Elasticity you found at this price. Also, predict the impact on Revenue of a price increase in the "neighborhood" of this price point.
5c) Evaluate the Elasticity of Demand for p = $100. Solve Elasticity of Demand to 3 decimal places. Classify the type of elasticity that you found at this price. Also, predict the impact on Revenue of a price increase in the "neighborhood" of this price point.
6) Suppose that an appliance retailer sells a compact dishwasher which has monthly demand "x" and selling price "p" (measured in dollars). The retailer's marketing department finds that demand for dishwashers is related to price by the following relation: x = 25 ln475 - 25 lnp for 0 < p < 375 For the compact dishwasher sold by the appliance retailer, find the expression for Elasticity of Demand "" and simplify the expression.
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