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- the demand equation for a product is q=1.5p+600, where q is the number of a products that can be sold in a month and p is the price per product. (a) what price will produce the largest revenue? (b) what is the largest monthly revenue?The price p (in dollars) and the quantity q sold of a certain product obey the demandequationq − 800 - 20P and 0 < p < 40(i) Express the revenue R as a function of q.(ii) What is the revenue if 20 units are sold?(iii) What quantity q maximizes revenue? What is the maximum revenue?The demand function for an item is given by d(x) = 100/ 0.01x 2 + 1 (20 ≤ x ≤ 50) where d(x) (measured in units of a thousand) is the quantity demanded per weak and x is the unit price in dollars. (a) Find the rate of change in demand with respect to price. (b) How fast is the demand changing at price equal to 30 (x = 30)?
- Find the total revenue generated if price is $30 and output sold is 66 unitsThe demand function for a crrtain product is giving by p=500+1000/(Q+1). where p is tje price and q is the number of units demand. Fimd the average price as demand ranges from 49 to 99A company produces and sells a consumer product and is able to control the demand for the product by varying the selling price. The approximate relationship between price and demand is p= 200-0.05D where p is the price per unit in dollars and D is the demand per month. The company is seeking to maximize its profit. The fixed cost is $15000 per month and the variable cost is $50 per unit. a. What is the number of units that should be produced and sold each month to maximize profit? b. What is the domain of profitable demand during a month? Show your spreadsheet.
- In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 69 - 300 at (9, p) = (25, 150). (b) How will a price increase affect total revenue? O Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue. O Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. Since the demand is inelastic, an increase in price will increase the total revenue. Need Help? Read It Watch ItMead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 - 0.02x where x is the number of tapes that can be sold at $p per roll of tape. (a) Express the demand x as a function of price p. Find the domain of this function. (b) Find the elasticity of demand, E(p), in reduced form. (c) If Mead Plumbing decides to increase their current price, would their revenue increase or decrease? Explain how you arrived at your answer. (d) If the current price changes by 10%, what will be the approximate percentage change in demand? (e) Find the price at which a percentage change in price produces the same percentage change in demand.Please no written by hand the demand function for a manufacturer's product is p = f(g) = - 0.20g + 500, where p is the price (in dollars) per unit when q units are demanded (per day). Find the level of production that maximizes the manufacturer's total revenue and determine this revenue. what quantity will maximize the revenue. q = blank units
- A used car dealership rents 210 cars for $9 a day. They want to increase the price to maximize their profits. They notice that if they increase the price by $1.25 that they have fewer rentals. Create an equation for profit for the car dealership rental sales. Determine the price of the rental that maximizes profitNeed within 1 hour please...Ernest's income elasticity of demand for natural gas is 0.4. His price elasticity of demand for natural gas is -0.3, and he spends 10% of his income on natural gas. What is his substitution price elasticity? (a) -0.26 (b) -0.34 (c) 0.20 (d) -0.12 (e) None of the above Correct answer is (a) -0.26; Please explain how to solve.