Partial derivatives and price elasticity
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1. Determine the partial derivatives with respect to all of the variables in the following functions:
a.
b.
2. A company hires you as the marketing consultant to estimate the demand function for its product. You have concluded the demand function is
Where Q is the quantity demanded per capita per month, P is the product's price (in dollars).
a. What is the price elasticity of demand?
b. Suppose you propose the selling price to be $200, what will be the associated marginal revenue?
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The expert examines partial derivatives and price elasticity.
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b)
2. Given the demand function as
a) By definition the price ...
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