5. Consider the following price-demand equation:
𝑥 = 𝑓(𝑝) = 54(𝑝 − 24)
2
(0 ≤ 𝑝 ≤ 24)
a) (2 points) Find the revenue function 𝑅(𝑝)
b) (3 points) Sketch a graph of the revenue function on the interval 0 ≤ 𝑝 ≤ 24
c) (5 points) Find the intervals for which the demand is elastic and inelastic. Label these regions on your
graph in part (b)
Mathbot Says...
I wasn't able to parse your question, but the HE.NET team is hard at work making me smarter.