A bakery works out a demand function for its chocolate chip cookies and finds it to be q = D(x) = 950 – 14x, where q is the quantity of cookies sold when the price per cookie, in cents, is x Use this information to answer parts a) through f). a) Find the elasticity 14x E(x) = 14x - 950 b) At what price is the elasticity of demand equal to 1? 34 ¢ (Round to the nearest cent as needed) c) At what prices is the elasticity of demand elastic? O A. Prices are elastic at all values O B. Greater than 34¢ OC. Less than 34¢ D. Prices cannot be elastiCc in this case

Principles of Physics: A Calculus-Based Text
5th Edition
ISBN:9781133104261
Author:Raymond A. Serway, John W. Jewett
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Chapter1: Introduction And Vectors
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A bakery works out a demand function for its chocolate chip cookies and finds it to be q= D(x) = 950 – 14x, where q is the quantity of cookies sold when the price per
cookie, in cents, is x Use this information to answer parts a) through f).
a) Find the elasticity
-14x
E(x) =
14x-950
b) At what price is the elasticity of demand equal to 1?
34 ¢ (Round to the nearest cent as needed)
c) At what prices is the elasticity of demand elastic?
A. Prices are elastic at all values
B. Greater than 34¢
O C. Less than 34¢
D. Prices cannot be elastic in this case
Transcribed Image Text:A bakery works out a demand function for its chocolate chip cookies and finds it to be q= D(x) = 950 – 14x, where q is the quantity of cookies sold when the price per cookie, in cents, is x Use this information to answer parts a) through f). a) Find the elasticity -14x E(x) = 14x-950 b) At what price is the elasticity of demand equal to 1? 34 ¢ (Round to the nearest cent as needed) c) At what prices is the elasticity of demand elastic? A. Prices are elastic at all values B. Greater than 34¢ O C. Less than 34¢ D. Prices cannot be elastic in this case
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