For the demand function q = D(x) = 300/x, find the following.
a) The elasticity
b) The elasticity at x = 4, stating whether the demand is elastic, inelastic, or has unit elasticity
c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars)
a) Find the equation for elasticity.
E(x) =
b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic, or has unit elasticity.
E(4) =
(Simplify your answer. Type an integer or a fraction.)
Is the demand at x = 4 elastic, inelastic, or does it have unit elasticity?
A. inelastic
B. unit elasticity
C. elastic
c) Find the value(s) of x for which total revenue is a maximum (assume that x is in dollars).
A. $
(Round to the nearest cent as needed. Use a comma to separate answers as needed.)
B. The total revenue is independent of x.