The Quantity Demanded Each Week X (In Units of a Hundred)

question 140

Essay

The quantity demanded each week x (in units of a hundred) of the Mikado miniature camera is related to the unit price p (in dollars) by the demand equation .
Is the demand elastic or inelastic when ?
__________
Is the demand elastic or inelastic when ?
__________
When is demand unitary? If it is necessary round the answer to two decimal places.
Hint: Solve for p. __________
If the unit price is lowered slightly from $17, will the revenue increase or decrease?
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If the unit price is increased slightly from $22, will the revenue increase or decrease?
__________

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Definitions:

Federal Law

legislation enacted by the national government of a country, which has supremacy over state and local laws where they conflict.

Federal Overtime Pay Requirements

Regulations established by the Federal Government dictating the conditions under which employees are entitled to receive overtime pay, typically based on exceeding a certain number of hours worked per week.

Waiver

An intentional, knowing relinquishment of a legal right.

Reduction

The action of making something smaller in size, amount, number, or extent.