A family of 6 went to see a movie at the movie theater. The movie theater charges $9.00 for adult tickets and $5.00 for child ti
1 answer:
You might be interested in
Answer with Step-by-step explanation:
We are given that a demand function
Where x=The quantity of sodas sold
p=Per can price (in cents)
We have to find the price p for which the demand inelastic.
Differentiate the demand function w.r.t p
Price elasticity of demand=
Price elasticity of demand=
When demand is inelastic then
E(p)<1
<1
Multiply by (3100-20p) on both sides
Adding 20p on both side of inequality
Divide by 40 on both sides
When the value of price is less than 77.5 then the demand of elasticity is inelastic.