[See Solution] Suppose that q = 500 - 2p units of a certain commodity are demanded when p dollars per unit are charged, for 0≤ p≤ 250. Determine where
Question: Suppose that q = 500 – 2p units of a certain commodity are demanded when p dollars per unit are charged, for \(0\le p\le 250\).
- Determine where the demand is elastic, inelastic, and of unit elasticity with respect to price.
- Use the results of part (a) to determine the intervals of increase and decrease of the revenue function and the price at which the revenue is maximized.
- Find the total revenue function explicitly and use its first derivative to determine its intervals of increase and decrease and the price at which revenue is maximized.
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The Domain and Range of a Function - MathCracker.com