Question

A fried chicken franchise finds that the demand equation for its new roast chicken product, \"Roasted Rooster,\" is giv $p = \frac{45}{q^{1.5}}$ where $p$ is the price (in dollars) per quarter-chicken serving and $q$ is the number of quarter-chicken servings that ca q = Find the price elasticity of demand when the price is set at $4.30 per serving. Interpret the result. They should the price per serving in order to increase revenue. raise lower 

          A fried chicken franchise finds that the demand equation for its new roast chicken product, \"Roasted Rooster,\" is giv
$p = \frac{45}{q^{1.5}}$
where $p$ is the price (in dollars) per quarter-chicken serving and $q$ is the number of quarter-chicken servings that ca
q = 
Find the price elasticity of demand when the price is set at $4.30 per serving.
Interpret the result.
They should the price per serving in order to increase revenue.
raise
lower
Show more…
A fried chicken franchise finds that the demand equation for its new roast chicken product, R̈oasted Rooster,ïs giv p = (45)/(q^1.5) where p is the price (in dollars) per quarter-chicken serving and q is the number of quarter-chicken servings that ca q = Find the price elasticity of demand when the price is set at 4.30 per serving. Interpret the result. They should the price per serving in order to increase revenue. raise lower

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Calculus: Early Transcendentals
Calculus: Early Transcendentals
James Stewart 8th Edition
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A fried chicken franchise finds that the demand equation for its new roast chicken product, Roasted Rooster, is given by: p = 45 - 0.5q where p is the price in dollars per quarter-chicken serving and q is the number of quarter-chicken servings that can be sold. Find the price elasticity of demand when the price is set at $4.30 per serving. Interpret the result: They should lower the price per serving in order to increase revenue.
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Transcript

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00:01 In this problem we are given the demand equation for a new roast chicken given by p equal to 43 divided by q raised to the power 1 .5 where p is the price in dollars per quarter chicken serving and q is the number of quarter chicken servings that can be sold per hour at this price.
00:20 For part a of the problem we have to express q as a function of p.
00:24 So to express q as a function of p we will cross multiply the given equation.
00:30 And it can be written as q raised to the power 1 .5 equal to 43 divided by p now now we will raise both the sides of the equation by a power of 2 divided by 3 so q 1 .5 raised to the power 2 divided by 3 will be equal to 43 divided by p raised to the power 2 divided by 3 now q 1 .5 can be written as 3 divided by 2 and it can be cancelled out with 2 divided by 3 so we will have have q equal to 43 divided by p whole raise to the power 2 divided by 3 this is the answer to the first part of the problem next in part b we have to find the price elasticity of demand when the price is set as set at dollars 4 .30 per circle so here first we will differentiate find the first derivative of q with respect to p that means q dash which is given by d divided by d p of 43 divided by q raised to the power 2 divided by 3 in the next step after derivating we will have q dash equal to 43 raised to the power 2 divided by 3 multiplied by minus 2 divided by 3 p raised to the power minus 5 divided by 3 which also can be written as minus 2 multiplied by 43 raised to the power 2 divided by 3 divided by 3 divided by by 3p ratio of the power 5 divided by 3.
02:10 Now elasticity of demand equation, let's know that by e of p, capital e of p is given by the absolute value of p divided by q of p minus q dash of p multiplied by, sorry, it is multiplied by q dash of p...
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