Question
In: Economics
The price-demand equation for a particular product is f(p)=850−3p2. At a price of $14 is this...
The price-demand equation for a particular product is
f(p)=850−3p2.
At a price of
$14
is this product elastic, inelastic, or unit elastic?
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
The price-demand equation for a particular product is f(p)=850−3p2. The elasticity of demand of this product...
The price-demand equation for a particular product is
f(p)=850−3p2.
The elasticity of demand of this product at a price of
$13
is?
1) Suppose inverse demand equation, P = 14 - Q, and marginal revenue, MR = 14...
1) Suppose inverse demand equation, P = 14 - Q, and marginal
revenue, MR = 14 -2Q, and marginal cost, MC = 2 + Q. The price that
the profit maximizing monopolist sets is $_ per unit. ____
2) Suppose inverse demand equation, P = 14 - Q, and marginal
revenue, MR = 14 -2Q, and marginal cost, MC = 2 + Q. What quantity
does a profit maximizing monopolist produce? _____
8. The price p (in dollars) and the demand x for a particular wool sweater are...
8. The price p (in dollars) and the demand x for a particular
wool sweater are related by the equation p = 100 − 0.025x a. Find
the domain of this function. Show all work and clearly label the
answer below. b. Find the revenue R (x) = x · p , from the sale of
x wool sweaters and state the domain of the function R (x) . c.
Find the marginal revenue at a production level of 1,600...
8. [Own Price Elasticity of Demand] Given a demand function Q = f(P), the own price...
8. [Own Price Elasticity of Demand] Given a demand function Q =
f(P), the own price elasticity of demand is defined as
? = (dQ/dP) · (P/Q)
What is the own price elasticity of demand ?
(a) for the linear demand function Q = 100?5P when P = 10.
(b) for the linear inverse demand function P = 100?4Q when (i) Q
= 10; (ii) Q = 20; (iii) Q = 12.5.
(c) for the demand function Q = P...
3) Suppose the demand curve for a particular product is given by Qd(P) = 600 –...
3) Suppose the demand curve for a particular product is given by
Qd(P) = 600 – 20P. Suppose also that marginal
revenue and marginal cost to a monopolist is described by the
following two equations. Suppose price is measured in
$/lb and quantity is measured in lbs.
MR = 30 – (1/10)Q
MC = (1/5)Q
a) Determine the profit maximizing quantity, price, total
revenue, and consumer surplus in this monopoly market.
Suppose that the inverse demand equation for a firm's product is P = 420?10Q. (11.2) The...
Suppose that the inverse demand equation for a firm's product is
P = 420?10Q. (11.2) The total cost is given by the equation TC =
500+20Q^2. (11.3) a. What are the profit-maximizing price and
quantity from a single-price strategy? b. Given your answer to part
a, what is the firm's total operating profit? What is the firms
total operating profit if it engages in perfect first-degree price
discrimination? What is the firm's total economic profit?
In a perfectly competitive market, industry demand is: P = 850 – 2Q, and industry supply...
In a perfectly competitive market, industry demand is: P = 850 –
2Q, and industry supply is: P = 250 + 4Q (Supply is the sum of the
marginal cost curves of the firms in the industry).
(a) Determine price and output under perfect competition.
(b) Now suppose that all the firms collude to form a single
monopoly cartel. Given that there is no change in the demand or
cost conditions of the industry, what price and total output would...
Rexburg Technologies operates two plants. The demand equation for Rexburg's product is P = 38 –...
Rexburg Technologies operates two plants. The demand equation
for Rexburg's product is P = 38 – 2.5Q, where Q is in thousands of
units. The marginal cost of production in the two plants are MC1 =
2Q1 and MC2 = 4Q2, respectively. To maximize profits, Rexburg
should charge a price of:
A. $32.50
B. $23
C. $8
D. $10.75
E. None of the options
suppose that the demand equation for a monopolist's product is p=400-2q and the average cost function...
suppose that the demand equation for a monopolist's
product is p=400-2q and the average cost function is c=
0.2q+4+(400/q)where q is no.ber of units and p and are expressed in
dollars per unit
a) determine the level of output at which profit is maximized
b) determine the price at which maximum profit occurs
c) determine the maximum profit
d) if as a regulatory device the government imposes a tax of 522
per unit on the monopolist,what is the new price...
A price p (in dollars) and demand x for a product are related by 2 x^2...
A price p (in dollars) and demand x for a product are related by
2 x^2 + 2 x p + 50 p^2 = 20600. If the price is increasing at a
rate of 2 dollars per month when the price is 20 dollars, find the
rate of change of the demand. Rate of change of demand
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