MATH 1071Q Quiz: #Wk.8_Section_4.5
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Practice problems: jake is selling boxes of pens. His demand function is p(x) = 1/2x + 5. (a) we want to rewrite the demand function so that it gives us x as a function of p. Do this by solving the demand function for x. (b) find the elasticity of demand. (c) evaluate the elasticity of demand when p = 3. Interpret your answer, include is price is elastic, inelastic or unit elastic. (d) evaluate the elasticity of demand when p = 1. Interpret your answer, include is price is elastic, inelastic or unit elastic. (e) find the revenue when price is and when it is . 10. How could we have known this by just looking at elasticity of demand? (f) find the revenue when price is and when it is . 10. More practice from textbook 4. 5: you should do as many problems from each set (1-12,
