In a beach volleyball league, the Sea Slugs won 3 of their first 10 matches. The team's sponsor has told them they will lose all
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From the given price function, we have;
(a)
(b) The point elasticity of demand is 0.0256<u>;</u><u> </u><u>i</u><u>nelastic demand</u>
(c) $46.6
(d) Increase
<h3>How can the elasticity of demand be found?</h3>a. The given function is presented as follows;
Differentiating the above function with a graphing calculator and setting q = 150 gives;
b. The point elasticity of demand is given by the formula;
When q = 150, we have;
P = 50
Which gives;
The point elasticity of demand, <em>E </em>= <u>0.0256</u>
- The <u>demand is inelastic</u> (less than 1) when the quantity demanded is 150 units
c. If the quantity demanded decreases from 150 to 140 units, we have;
Which gives;
p = 46.6
- The price when the quantity demanded decreases to 140 is <u>$46.6</u>
d. Given that increase in price, from 46.6 to 50, increases the quantity demanded from 140 to 150, therefore;
- The manufacturer should<u> increase the price</u>, <em>p </em>to increase the revenue, <em>R</em>.
R = p × q
Learn more about elasticity of demand here;
Answer:
Consider the system of equations,
and
As we know that,
'The intersection points of the graphs of the system of equations are the solutions of the system of equations'.
So, after plotting the given graphs, we see that,
The only intersection point is (0.714,-2.857).
Thus, the solution of the system is x= 0.714 and y= -2.857.
