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.
1 answer:
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Answer:
Malcom's family travel 15 miles per hour faster than Theo's
Step-by-step explanation:
<em>See attachment for complete question</em>
Given
Malcom's Family:
To determine the equation of Theo's family, we refer to the attached graph.
From the graph:
First, we determine the slope, m:
Next, we determine equation for Theo's family using:
Add 50 to both sides
So, we have the following:
--- For Malcom's family
This implies that Malcom's family travel at 65 miles per hour
--- For Theo's family
This implies that Theo's family travel at 50 miles per hour
The difference between this rates is:
<em>Which implies that Malcom's family travel 15 miles per hour faster than Theo's</em>
