Question

Your startup company Fabulous Fudge Inc. enters a new market. Your marketing consultants estimate the daily demand for your chocolate bars as


q(p) = 2000; if p < 1;
1000(-p^2 + 2p + 1); if 1 <= p < 2;
1000(p^2 - 6p + 9); if 2 <= p < 3;
0; if 3 <= p:

Here q denotes the quantity demanded per day and p the price per chocolate bar in dollars.
(a) Sketch the graph of demand q(p) as a function of price p.
(b) Compute the price elasticity of demand E(p).
(c) Determine the range of prices p for which demand is elastic, inelastic and unit elastic.
(d) If the price per chocolate bar is

Answer 1

General form of a quadratic:

ax² + bx + c

if a > 0 (parabola opens up)

if a < 0 (parabola opens down)

Answer 2

Okayyy...

Answer 3

Can you help me with the equation?

Answer 4

did you understand the graph
?

Answer 5

yes i think. you need the demand equation i think

Answer 6

assume q as y and p as x
y is constantly 2000 for any values of x below 1.
y is a quadratic equation when x is between 1 and 3. The profiles of the equations are determined by the process I gave in my first reply
After that y is constantly 0 for any values of x
now which equation do you want

Answer 7

ok i am calculating

Answer 8

Your startup company Fabulous Fudge Inc. enters a new market. Your marketing consultants estimate the daily demand for your chocolate bars as


q(p) = 2000; if p < 1;
1000(-p^2 + 2p + 1); if 1 <= p < 2;
1000(p^2 - 6p + 9); if 2 <= p < 3;
0; if 3 <= p:

Here q denotes the quantity demanded per day and p the price per chocolate bar in dollars.
(a) Sketch the graph of demand q(p) as a function of price p.
(b) Compute the price elasticity of demand E(p).
(c) Determine the range of prices p for which demand is elastic, inelastic and unit elastic.
(d) If the price per chocolate bar is 1:2$ and you wish to increase your revenue, should you increase or decrease the unit price?
(e) Determine the price(s) p at which the instantaneous rate of change of revenue with respect to price is zero.

Answer 9

this is the full question. sorry it got cut out

Answer 10

will it be the second or the third equation?

Answer 11

okay

Answer 12

so.....

Answer 13

actually I was busy ,,it will be third

Answer 14

I will return after 10 min

Answer 15

i will wait here

Answer 16

are you back???

Answer 17

hy

Answer 18

the price for 1 bar is 2$, then you have to take the third equation

Answer 19

1000(p^2 - 6p + 9); if 2 <= p < 3;