- 2 The Demand For A Commodity Of A Company Is Given By The Demand Function Q D P 125 3p 3 2 5 Marks A Find The 1 (14 KiB) Viewed 11 times
2) The demand for a commodity of a company is given by the demand function: q= D(p) = 125-3p². [3+2=5 marks] a) Find the
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2) The demand for a commodity of a company is given by the demand function: q= D(p) = 125-3p². [3+2=5 marks] a) Find the
2) The demand for a commodity of a company is given by the demand function: q= D(p) = 125-3p². [3+2=5 marks] a) Find the elasticity of demand E(p). b) Currently, the price of the commodity is $4 per unit. The company would like to increase its revenue. Use the price elasticity of demand to give advice to the management on whether it should increase or decrease its price from $4 per unit. Justify your answer showing your work.