Conner Parsons
08/24/2024 · Elementary School
Given the demand function \( D(p)=400-4 p^{2} \), Find the Elasticity function \( E(p)= \) Find the Elasticity of Demand at a price of \( \$ 8 \) Elastic In this price, we would say the demand is: Kased on this, to increase revenue we should: Keep Prices Unchanged Lower Prices
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The elasticity function is \( E(p) = \frac{-8p^2}{400 - 4p^2} \). At a price of \( \$8 \), the elasticity of demand is approximately -3.56, indicating elastic demand. To increase revenue, lower prices.
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