A Fried Chicken Franchise Finds That the Demand Equation for Its

question 51

Multiple Choice

A fried chicken franchise finds that the demand equation for its new roast chicken product, "Roasted Rooster", is given by
$p = \frac { 1080 } { q ^ { 1.5 } }$
Where p is the price (in dollars) per quarter-chicken serving and q is the number of quarter-chicken servings that can be sold per hour at this price. Express q as a function of p, and find the elasticity of demand when the price is set at $5 per serving.

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Definitions:

Random Dispersion

A pattern of spacing of individuals within a population where the position of each individual is independent of others.

Interference Competition

Intraspecific competition in which certain dominant individuals obtain an adequate supply of the limited resource at the expense of other individuals in the population. Also called contest competition.

Contest Competition

A form of competition where individuals directly contest for resources through physical or behavioral interactions.

Density-Independent Factor

An environmental factor that affects the size of a population but is not influenced by changes in population density. Compare with density-dependent factor.