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why me? preguntado en Science & MathematicsMathematics · hace 9 años

math problem? Supply and demand? Elasticity?

Shark Inc. has determined that demand for its newest netbook model is given by lnq−5lnp+0.001p=7, where q is the number of netbooks Shark can sell at a price of p dollars per unit. Shark has determined that this model is valid for prices p≥100. You may find it useful in this problem to know that elasticity of demand is defined to be E(p)=dq/dp * p/q

I took the derivative and got dq/dp = (5/p -0.001)q, i then multiplied by p/q, q cancels out and i'm left with E(p) = (5/p - 0.001)p, and p cancels out with 5/p and i'm left with 5-0.001p. but apparently this isn't the right answer, and i have no idea of how to do the second part. please help.

Actualización:

So i was supposed to find E(p), and the second part that I forgot to mention was, at what price will revenue be maximized?

1 respuesta

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  • ?
    Lv 6
    hace 9 años
    Respuesta preferida

    Doing schoolwork for a student would be a violation of the community guidelines, so I will not help you.

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