Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello.Please help me solve these questions. Suppose that the Ace company makes wigits and that the price demand function for wigits is p) = 190

Hello.Please help me solve these questions.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Suppose that the Ace company makes wigits and that the price demand function for wigits is p) = 190 p where demand is measured in number of wigits and price is measured in dollars. :1. Given that prices cannot be negative and that demand should be zero or more, what domain makes business sense for the demand inction'lI Use inequality notation. :1 Preview P 1901) b. The elasticity function for wigits will be E{p} = . Where will the vertical asymptote be? P: c. The elasticity function measures how sensitive demand is to price changes. The domain of the elasticity function is bounded above by 190 because for prices over 190, demand would be . The elasticity of demand for a wigit is 2p E(P) = 600 - 2p where p is the price (in dollars) of one wigit. a. At what price is the elasticity of demand unitary (unit)? Preview b. If the price increases by 3% from $100 per wigit, what is the new price? Preview c. If the price increases by 3 % from $100 per wigit, what is the approximate percentage change in demand? 07 de d PreyThe price-demand equation is given by x + p = 60000. a. Write demand as a function of price. f (p) = Preview b. Find the elasticity of demand at a price of $20, 000 rounded to 2 decimal places. Preview c. If the price increases 3 % from a price of $20, 000, what is the approximate (percentage) decrease in demand? Round to 2 decimal places. % decrease PreviewA company manufactures and sells a: clocks per week with weekly price-demand function: f (p) = 20 2p where p is the price per clock. :1. Compute the elasticity of demand function, E(p), for this demand function. mm: b. At 13 = 2, a price increase of 2 % will create a demand decrease of what percent? Round to 2 decimal places if necessary. :1 Mme Me-Tube manufactures bodysuits. The demand function for their suits is x = f(p) = 750 - 2p The demand f(p) is the number of suits that can be sold at a price of p dollars. a. What is the rate of change in demand at a price of $200.00 per suit? suits per dollar Preview b. What is the relative rate of change in demand at a price of $200.00 per suit? Write your answer as a percent rounded to 2 decimal places. % suits per dollar PreviewUse the derivative function f'(a:) to determine where the function at) 2 2.133 243:2 + 72:1: + 11 is increasing. :1. Preview The graph of a function, f(x), is given below: X -2 2 5 6 a. For what values of x is the derivative positive? Preview b. Find the values of x where the derivative, f' (x) = 0. @ =Find each value of the function f() = - x + 48x + 7 where the line tangent to the graph is horizontal. Preview TIP Enter your answer as a list of values separated by commas: Example: -4, 3, 2 Enter each value as a number (like 5, -3, 2.2172) or as a calculation (like 5/3, 243, 5+4) Enter DNE for Does Not Exist, oo for Infinity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Probability and Random Processes With Applications to Signal Processing and Communications

Authors: Scott Miller, Donald Childers

2nd edition

123869811, 978-0121726515, 121726517, 978-0130200716, 978-0123869814

More Books

Students also viewed these Mathematics questions

Question

What is the difference between the skip and the word directives?

Answered: 1 week ago