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Q)1
a)What is the breakeven
b) What is the PE(Price Elasticity) of a product that sold 100 units at $5 and 73 units after the price was raised to $6?
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- Worldwide annual sales of smartphones over a two year period were approximately q=-4p+3020 million phones at a selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E E=_____ (b) in one of the years the actual selling price was $305 per phone. What was the corresponding price elasticity of demand? E=_____ (c) The demand was going down by about _____% per 1% increase in the price at that price level. (d) use your formula for E to determine the selling price that would have resulted in the largest annual revenue. $____ What would’ve been the resulting annual revenue? $____ billionWorldwide annual sales of smartphones over two year period were approximately q=-5p+3040 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. E=_______ (b) in one of the years the actual selling price was $375 per phone. What was the corresponding price elasticity of demand? E=_______ The demand was going down by about _____% per 1% increase in price at that price level. (c) Use your formula for E to determine the selling price that would’ve resulted in the largest annual revenue. $_______ What would’ve been the resulting annual revenue? (Round your answer to two decimal places) $_____billionK Given the function below, complete parts (a) through (c). q=D(x) = k +7 where k is a positive constant and n is an integer greater than 0. (a) Find the elasticity of the demand function. (b) is the value of the elasticity dependent on the price per unit? (c) Does the total revenue have a maximum? When? (a) E(x) = (Simplify your answer.) 1000
- The demand function for a product is given below. p = 30 − 5x, 0 < x < 6 (a) Find the price elasticity of demand when x = 3.(b) Find the values of x and p that maximize the total revenue. x=____units p=____ (c) For the value of x found in part (b), find the price elasticity of demand.Price (dollars) 9. 7 10 14 18 22 26 30 Quantity (units per year) In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $8 to $7 is equal to A) 0.62. B) 0.40. C) 2.50. D) 1.00.Tutorial Exercise Worldwide annual sales of smartphones in over a 5 year period were projected to be approximately q = −10p + 4,540 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. (b) In one particular year the actual selling price was $277 per phone. What was the corresponding price elasticity of demand? Interpret your answer. (c) Use your formula for E to determine the selling price that would have resulted in the largest annual revenue. What, to the nearest $10 million, would have been the resulting annual revenue? Step 1 (a)Obtain a formula for the price elasticity of demand E. Recall that the price elasticity of demand E is the percentage rate of decrease of demand divided by the percentage increase of price, given by the formula. E = − dq dp · p q We are already given the formula q = −10p + 4,540 for the demand of smartphones (in millions). First, we find the derivative…
- Mead Plumbing currently sells thread seal tape at a price of $42.00 per roll. Their research department has derived the price-demand equation as p = 60 -0.02x where x is the number of tapes that can be sold at $p per roll of tape. (d) If the current price changes by 10%, what will be the approximate percentage change in demand? (e) Find the price at which a percentage change in price produces the same percentage change in demand.The demand function for Z products sold by the Company Directly Is as follows in the figure with p is the price per unit (RM) and q is the requested quantity (unit). (a) Calculate the elasticity of the request if the requested quantity is 150 units. (b) Interpret your answer in (a).Worldwide annual sales on smart phones over a two year period were approximately q=-5p+3090 million phones at the selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E. E=______ (b) in one of the years the actual selling price was $355 per phone. What was the corresponding price elasticity of demand? E=______ The demand is going (up/down) by about _____% per 1% increase in that price level.
- b) When the price is $166.10, the demand is (elastic/inelastic) which means that as price the revenue will (increases/decreases) (increase/decrease)Given the function below, complete parts (a) through (c). q=D(x)=kxn, where k is a positive constant and n is an integer greater than 0. (a) Find the elasticity of the demand function. (b) Is the value of the elasticity dependent on the price per unit? (c) Does the total revenue have a maximum? When?(g) Define Price elasticity of demand (P.E.D). The demand function of a certain product is given by P = 850-3q² + 5q³. Determine the price elasticity of demand where revenue is maximized.
