An economist has estimated the demand equation of a certain product as Q-100-2.5P where P is the price unit and Q is the

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An Economist Has Estimated The Demand Equation Of A Certain Product As Q 100 2 5p Where P Is The Price Unit And Q Is The 1 (15.92 KiB) Viewed 10 times

An economist has estimated the demand equation of a certain product as Q-100-2.5P where P is the price unit and Q is the quantity demanded (in thousands) per year 1.Calculate and interpret the own price elasticity of demand of the product when its price goes from $10 to $15 per unit. 2. Calculate the own price elasticity when price is P-$30. Is demand elastic, unit-elastic or inelastic at price P-530? Will you raise or lower price to increase revenue! 3. Determine the total consumer value when price is P-$30, 4. Suppose the inverse demand function for a monopolist's product is given by P-230-1.50 and the total cost function is TC-500-300-3.502 so that its marginal cost is MC-30-10 4.a Determine the marginal revenue (MR) as a function of Q 4.b Determine the profit-maximizing price and quantity. 4.c. Determine the maximum profits