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Category > Statistics Posted 10 May 2017 My Price 7.00

Express the demand x as a function of the price p.

Given the demand equation 25p + x = 1,000.

(A) Express the demand x as a function of the price p.

(B) Find the elasticity of demand, E(p).

(C) Find E(15) and interpret.

(D) Express the revenue function as a function of price p.

(E) If P = $25, what is the effect of a price cut on revenue?

 

Answers

Alpha Geek
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Status NEW Posted 10 May 2017 05:05 PM My Price 7.00

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file 1494436715-1931994_1_636298962170742557_Solution---demand-equation.docx preview (180 words )
G-----------ive-----------n t-----------he -----------dem-----------and----------- eq-----------uat-----------ion----------- 25-----------p +----------- x -----------= 1-----------,00-----------0. ----------- (A-----------) E-----------xpr-----------ess----------- th-----------e d-----------ema-----------nd -----------x a-----------s a----------- fu-----------nct-----------ion----------- of----------- th-----------e p-----------ric-----------e p-----------. -----------The----------- de-----------man-----------d e-----------qua-----------tio-----------n m-----------ay -----------be -----------re -----------wri-----------tte-----------n a-----------s ----------- x -----------= 1-----------,00-----------0 â-----------€“ -----------25p----------- (-----------x a-----------s a----------- fu-----------nct-----------ion----------- of----------- p)----------- (-----------B) -----------Fin-----------d t-----------he -----------ela-----------sti-----------cit-----------y o-----------f d-----------ema-----------nd,----------- E(-----------p).----------- D-----------iff-----------ere-----------nti-----------ati-----------ng -----------the----------- ab-----------ove----------- eq-----------uat-----------ion----------- wi-----------th -----------res-----------pec-----------t t-----------o p----------- Î-----------”x/-----------Δp----------- = ------------25----------- T-----------her-----------efo-----------re,----------- el-----------ast-----------ici-----------ty -----------of -----------dem-----------and----------- E(-----------p) -----------= Î-----------”x/-----------Δp----------- x -----------p/x----------- =----------- -2-----------5p/-----------x -----------(C)----------- Fi-----------nd -----------E(1-----------5) -----------and----------- in-----------ter-----------pre-----------t. ----------- At----------- p=-----------$15-----------, x----------- = -----------1,0-----------00 -----------–----------- 25-----------x15----------- = -----------625----------- T-----------her-----------efo-----------re,-----------
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