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2280 The demand for a product is given by x = F(p) 7+ In(10+ p) Step 2 of 3: What is the revenue function R? Enter your answer as a function of x. The demand for a product is given by x = F(p) = 2280 7+ In(10+ p) Step 1 of 3: If p = 15, determine E and interpret the results. Answer Not-Graded OE = 0.059 < 1, the demand is elastic. OE = 1.468 > 1, the demand is elastic. OE = 0.059 < 1, the demand is inelastic. OE = 1.468 > 1, the demand is inelastic.

2280 The demand for a product is given by x = F(p) 7+ In(10+ p) Step 2 of 3: What is the revenue function R? Enter your answer as a function of x. The demand for a product is given by x = F(p) = 2280 7+ In(10+ p) Step 1 of 3: If p = 15, determine E and interpret the results. Answer Not-Graded OE = 0.059 < 1, the demand is elastic. OE = 1.468 > 1, the demand is elastic. OE = 0.059 < 1, the demand is inelastic. OE = 1.468 > 1, the demand is inelastic.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 18T
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Step 3 of 3: 
Use R′�′ to determine if R is increasing at p=15�=15. Is your answer consistent with the fact that the demand is inelastic at this p?
 
 
 
2280 The demand for a product is given by x = F(p) 7+ In(10+ p) Step 2 of 3: What is the revenue function R? Enter your answer as a function of x.
Transcribed Image Text:2280 The demand for a product is given by x = F(p) 7+ In(10+ p) Step 2 of 3: What is the revenue function R? Enter your answer as a function of x.
The demand for a product is given by x = F(p) = 2280 7+ In(10+ p) Step 1 of 3: If p = 15, determine E and interpret the results. Answer Not-Graded OE = 0.059 < 1, the demand is elastic. OE = 1.468 > 1, the demand is elastic. OE = 0.059 < 1, the demand is inelastic. OE = 1.468 > 1, the demand is inelastic.
Transcribed Image Text:The demand for a product is given by x = F(p) = 2280 7+ In(10+ p) Step 1 of 3: If p = 15, determine E and interpret the results. Answer Not-Graded OE = 0.059 < 1, the demand is elastic. OE = 1.468 > 1, the demand is elastic. OE = 0.059 < 1, the demand is inelastic. OE = 1.468 > 1, the demand is inelastic.
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