A fried chicken franchise finds that the demand equation for its new roast chicken product, “Roasted Rooster,” is given by q = 37 p0.85 wher

Question

A fried chicken franchise finds that the demand equation for its new roast chicken product, “Roasted Rooster,” is given by q = 37 p0.85 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. Find E(p)

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Isabelle 1 week 2021-10-08T11:54:11+00:00 2 Answers 0

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    0
    2021-10-08T11:55:32+00:00

    Answer:

    E(t) = number of hours x (37/q)^(0.85).

    Step-by-step explanation:

    q = 37 x p^(0.85)

    Divide both sides by 37, we have

    (q/37) = p^(0.85)

    Multiply both sides by p^(-0.85), we have

    p^(-0.85) x (q/37) = p(0.85) x p(-0.85)

    p^(-0.85) x (q/37) = 1

    Divide both sides by (q/37), we have

    p^(-0.85) = 37/q

    Therefore,

    p = (37/q)^(0.85). The “minus” sign will be removed

    0
    2021-10-08T11:55:39+00:00

    Answer: E(p) = 6/7√37/q

    Step-by-step explanation: if q = 37/p^0.85, then we are to make p the subject formula.

    Now multiply both sides by p^0.85, we will have

    P^0.85q = 37

    Divide through by q, we get

    P^0.85 =37/q

    But 0.85 = 6/7

    So we take the 6/7 root of both sides, we get

    P = 6/7√37/q

    Therefore E(p) = 6/7√37/q

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