126. p is in dollars and q is the number of units. Suppose that the demand for a product is given by . Find the elasticity when and . Round your answer to four decimal places.
a. 1.0000
b. 0.0040
c. 0.0049
d. 0.0138
e. 0.2011
ANSWER: b
127. p is in dollars and q is the number of units. Suppose that the demand for a product is given by . Find the elasticity when . Round your answer to two decimal places.
a. 0.00
b. 1.88
c. 4.33
d. 5.08
e. 5.85
ANSWER: b
128. Suppose the demand function for a product is given by where p is in hundreds of dollars and q is the number of tons.
What is the elasticity of demand when the quantity demanded is 6 tons and the price is $303? Round your answer to one decimal place.
a. η ≈ 5.0
b. η ≈ 42.3
c. η ≈ 7.1
d. η ≈ 6.1
e. η ≈ 2.0
ANSWER: c
129. Suppose the weekly demand function for a product is where p is the price in thousands of dollars and q is the number of units demanded. What is the elasticity of demand when the price is $1,000 and the quantity demanded is 714? Round your answer to two decimal places.
a. η ≈ 14.80
b. η ≈ 7.40
c. η ≈ 16.80
d. η ≈ 14.97
e. η ≈ 124.15
ANSWER: a
130. The demand function for specialty steel products are given, where p is in dollars and q is the number of units demanded. Find the point at which the demand is of unitary elasticity. Round your answer to two decimal places.
a.
b.
c.
d.
e.
ANSWER: d
131. The demand functions for specialty steel products are given, where p is in dollars and q is the number of units demanded. Find the interval in which the demand is inelastic. Round your answer to two decimal places.
a.
b.
c.
d.
e.
ANSWER: d
132. The demand functions for specialty steel products are given, where p is in dollars and q is the number of units demanded. Find the interval in which the demand is elastic. Round your answer to two decimal places.
a.
b.
c.
d.
e.
ANSWER: e
133. p is the price per unit in dollars and q is the number of units. If the demand and supply functions for a product are , and , respectively, how many items will maximize the tax revenue?
a. 335
b. 281
c. 306
d. 298
e. 71
ANSWER: e
134. p is the price per unit in dollars and q is the number of units. If the demand and supply functions for a product are and , respectively, find the tax per unit t that will maximize the tax revenue T. Round your answer to the nearest cent.
a. $406.10 per item
b. $393.90 per item
c. $407.50 per item
d. $387.19 per item
e. $400.00 per item
ANSWER: e
135. Suppose the weekly demand function is and the supply function before taxation is , determine what tax per item will maximize the total tax revenue?
a. $465/item
b. $205/item
c. $115/item
d. $163/item
e. $128/item
ANSWER: c
136. p is the price per unit in dollars and q is the number of units. The monthly demand function is and the supply function before taxation is Find what tax per item will maximize the total revenue and use this to find the maximum tax revenue.
a. $2,176
b. $962
c. $1,924
d. $916
e. $1,504
ANSWER: c
137. Suppose the weekly demand for a product is given by and the weekly supply before taxation is given by . Find the tax per item that produces maximum tax revenue. Round your answer to the nearest cent.
a. $146.25 tax per item
b. $132.05 tax per item
c. $124.80 tax per item
d. $139.20 tax per item
e. $117.45 tax per item
ANSWER: b
138. p is the price per unit in dollars and q is the number of units. If the daily demand for a product is given by the function and the daily supply before taxation is , find the tax per item that maximizes tax revenue. Round your answer to the nearest cent.
a. $714.08 per item
b. $572.85 per item
c. $855.30 per item
d. $622.63 per item
e. $504.10 per item
ANSWER: e
139. p is the price per unit in dollars and q is the number of units. The monthly demand function is and the supply function before taxation is Find the tax per unit t that will maximize the tax revenue T.
a. $932 per item
b. $1101 per item
c. $6416 per item
d. $184 per item
e. $7140 per item
ANSWER: b
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