What is the gradient of the blue line.
2 answers:
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Answer: a) , b) 0.7975, demand is inelastic, c) increase.
Step-by-step explanation:
Since we have given that
So, derivative w.r.t x would be
As we know that
(b) Find the elasticity when x = 2.
So, we put x = 2, we get that
Since, 0.7975 < 1, so the demand is inelastic.
(c) At $2 per plant, will a small increase in price cause the total revenue to increase or decrease?
The total revenue will also increase with increase in price.
As total revenue =
Hence, a) , b) 0.7975, demand is inelastic, c) increase.
The statement which is true for the provided reason is the equation 3.5|6x – 2| = 3.5 has one solution.
<h3>How to find one solution of equation?</h3>If the equation is given a unique and single value of variable after solving then the equation is said one solution equation. Such equation gives exactly one solution.
The three types of solution of an equation are-
- One solution-When the provides the singe value of the given variable, we get one or unique solution.
- No solution-When the graph of equations is equal than it provides the no solution. When the value, does not equate for the expression, then the expression has no solution.
- Infinite many solution-For the same line, the equation has the infinite many solutions.
The first equation given in the problem is,
This equation has one solution. This in not correct option.
The second equation given in the problem is,
This equation has one solution. This in correct option.
Hence, the statement which is true for the provided reason is the equation 3.5|6x – 2| = 3.5 has one solution.
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