The consumer demand for a given product (where x represents number of units and p represents price is $) is given by the function x= (45-3p)2 Using the concept of Elasticity of Demand, determine the price that the product should be sold at to maximize revenue. Round to the nearest tenth.

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A:

Q: A manufacturer of computer workstations gathered average monthly sales figures from its 56 branch…

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Q: Given the demand function for commodity x as qx=1500-0.25px2 solve the elasticity of demand for x…

A: qx=1500-0.25px2 Slope of px dqx/dx= -0.5px=0.5(20)=-10

Q: Based on sales data over the past year, the owner of a DVD store devises the demand function D1p2 =…

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Q: The demand x is the number of items that can be sold at a price of $p. For x = 11,000 – p4 , find…

A: x=11000-p4 x=11000-p2x=10110-p2p=10110-x

Q: Cikli is the manager of a firm that receives a revenue of RM3000 per month from product X and RM7000…

A: TR(total revenue) is the product of P(price) and the Q(quantity). TR=P×Q3,000=P×150P=3,000150=20 The…

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A: The market demand curve gets obtained by taking the horizontal sum of all individual demand curves.

Q: Q5 5. If the demand equation is P = 30 – ; 10 Which of the following represents a general expression…

A: Since you have posted multiple questions, we are answering the first one for you. If you want a…

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A: The demand function for specialty steel industry is, p=150100-q3 where, p is in dollar q is the…

Q: Given the demand function D(p) = V350 – 2p, How many products will be sold if the price is $29? 17…

A: Given, the demand function: D(p)  =350-2p When the price is $29: D(29) =350-2*29D(29) =350-58D(29)…

Q: this demand function D(p)=400−4p2 , Find the Elasticity of Demand at a price of $2   At this…

A: Elasticity of demand depicts how much consumer responds with the change in price.

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Q: Assume you are managing a food processing plant in Ethiopia. The demand function for one of your…

A: a) First we will find Qd when price equal to 15 Qd = 50 - 2p Qd = 50 - 2×15 = 50 - 30 = 20 Point…

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A: Price Elasticity of Demand The price elasticity of demand measures the responsiveness of change in…

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A: We are going to solve this question by calculating elasticity of demand.

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Q: breast is unit elastc.

A:

Q: A demand function for a product takes the form: Q = 10 – 2P The own-price elasticity of demand is…

A: The own-price elasticity of demand is:E=dQdP×PQ

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A: Answer: Given, Supply equation P=7+2Q2 Calculation: The formula for price elasticity of supply is…

Q: The demand function intercept Q1=50-p intercept another linear demand function Q2 at p=10. The…

A: Q1=50-pp=10Hence,…

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Q: You are the manager of a firm that receives revenues of $20,000 per year from product X and $80,000…

A: Answers   Elasticity = % change in quantity demanded / % change in price % change in quantity…

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A: Qd = 100 - 3Px +4Py -0.01M + 2AxGiven  Px = 50, Py = 70, M= 40,000, Ax = 50. Calculate Qd Qd = 100…

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Q: The inverse demand curve corresponding to the following equation is:  Qd= 100 - 3P The inverse…

A: Given: Qd= 100 - 3P

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Q: I. Assume that the demand function is equal to: Qd=5,000-1000P Where price range is P1 to P5, derive…

A: Definition: demand is a monetary term that refers to the number of services or products that…

Q: If the demand equation is P = 30 10 Which of the following represents a general expression for the…

A: Price elasticity of demand is a measure of change in the quantity demanded of a commodity with…

Q: Suppose the demand function of a product is given by q = 14-5/p.1 1, the demand is elastic, and the…

A: Demand function :  q = 14 - 5p31<p<10 p = 8

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A: Given : Income elasticity of demand estimate for non-fed ground beef =1.94. Decrease in Income=15%

Q: You are the manager of a firm that receives revenues of $50,000 per year from product Xand $80,000…

A: The cross elasticity of demand or cross-price elasticity of demand measures the percentage change…

Q: The quantity demanded of the commodity in the market is 25 units when the selling price per unit is…

A:

Q: Let the total advertising exposure in month 1 be $500 and total sales be 400 units. Then, in month…

A: 1)Advertising elasticity of demand=Percent change in demand of product/Percent change in advertising…