The demand function for a certain metal is q - 200- 5p, where p is the price per pound and is the quantity demanded (in

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The Demand Function For A Certain Metal Is Q 200 5p Where P Is The Price Per Pound And Is The Quantity Demanded In 1 (39.03 KiB) Viewed 36 times

The demand function for a certain metal is q - 200- 5p, where p is the price per pound and is the quantity demanded (in pounds) Hint: the elasticity of demand function is: Ry=200-SP EGP) DO) It is elastic if E() > 1; it is inelastic if E() < 1. (a) (3 points) Determine the elasticity of demand function (p). The function 5 TOP is elastic EP) 71 200 (b). Determine the elasticity of demand at p = 15. Classify it as elastic or inelastie. O = 200-SP 150 -5(15) 200 - 5015) = 200-75-125 Elio loci sen 19.500 ) Fo.15 (c) Determine the elasticity of demand at p = 25. Classify it as elastic or inelastic. -5 (25) El.rs 200-5626) = 200-125=75 toa Use Ep) to determine the value for p in order to maximize the revenue. P=15 in order to maximiana revence