In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 100g = 50,000. (a) Find the elasticity when p = $735. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic. Demand is inelastic. O Demand is unitary elastic. (c) How would a price increase affect revenue? O Revenue is unaffected by price. An increase in price will result in an increase in total revenue. O An increase in price will result in a decrease in total revenue.

In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 100g = 50,000. (a) Find the elasticity when p = $735. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic. Demand is inelastic. O Demand is unitary elastic. (c) How would a price increase affect revenue? O Revenue is unaffected by price. An increase in price will result in an increase in total revenue. O An increase in price will result in a decrease in total revenue.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter7: Exponents And Exponential Functions

Section7.8: Transforming Exponential Expressions

Problem 12PFA

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