4. (10 marks) Opad, the blockbuster product of Opple Inc., has a weekly demand q that declines with price p according to q = 1000 e-p/200 (a) Find the elasticity of demand e at the current price of $100.

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4. (10 marks) The publisher Entertainment Arbitrator sells the popular video game Sprockets of Peace. When each copy of the game is priced at $40, the weekly demand is 8000 copies. For every $1 increase in price, the number sold per week decreases by 50. Assume that it costs $20 to produce each copy of the game. (a) Find the linear demand equation. Use p for the unit price and q for the weekly demand (b) Find the weekly cost function C(q) as a function of q. (c) Find the weekly revenue function R(q) as a function of q.

8. (17 marksYou are operating a monopoly firm and consultants have told you that the demand q for your product as a function of the price p you choose is q(P) = 100 - VP a) (2 marks] Give ranges on p, q which would typically be imposed in considering alternate pricing strategies.

8. A company is planning to produce a new electric toaster. After conducting an extensive market survey, the research department provides the following information: when the unit price is $16 per toaster, then the weekly demand is 20 toasters; for every $2 decrease in the unit price, the weekly demand increases by 10 toasters. The financial department estimate that the weekly fix costs will be $140 and the variable cost of production will be $4 per toaster. Let p be the unit price and let q be weekly demand. Note: Please simplify your answers such that your answers for (b) and (c) are given by integers. (a) Find the demand function linking p and q. Answer:

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4. (10 marks) Opad, the blockbuster product of Opple Inc., has a weekly demand q that declines with price p according to q = 1000 e-p/200 (a) Find the elasticity of demand e at the current price of $100.

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