The demand function for a certain make of exercise bicycle sold exclusively through cable television is p=9−0.02x−−−−−−−−√(0≤x≤4

Question

3 years ago

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The demand function for a certain make of exercise bicycle sold exclusively through cable television is p=9−0.02x−−−−−−−−√(0≤x≤4

50) where p is the unit price in hundreds of dollars and x is the quantity demanded per week. Compute the elasticity of demand and determine the range of prices corresponding to inelastic, unitary, and elastic demand. Hint: Solve the equation E(p)=1.

Mathematics

1 answer:

nirvana33 [79] · Answer 1 · 2022-04-15T11:36:32+03:00

nirvana33 [79]3 years ago

7 0

Answer:

Step-by-step explanation:

The concept of demand is applied, demand may be elastic, inelastic and unitary as the detailed steps and calculations is as shown in the attached file.
For elastic demand, P > 1
For inelastic demand, P < 1
For unitary, P = 1