6. Atradedcommodityhashighlyrelation shipprice- demandof9=120-p.- 120 - Jp.a.) Constru ct the Elaslicity func tion, E=sim plityandb.) Find the Elas ticity atof Ĥ 8100 infractions (No decimals)c.) De terminetheRevenuesPrice whereareMaximized.

Given a highly traded commodity's demand(dd) function as: q=120-p where q is the quantity(q)…

Answered: commodity has -Sp. traded price -…

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commodity has -Sp. traded price - demand highly Pelation ship A of こ 12o-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

6. A
traded
commodity
has
highly
relation ship
price- demand
of
9=120-p.
- 120 - Jp.
a.) Constru ct the Elaslicity func tion, E=
sim plity
and
b.) Find the Elas ticity at
of Ĥ 8100 in
fractions (No decimals)
c.) De termine
the
Revenues
Price where
are
Maximized.

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