A grocery store sells 1-pound package of bacon and two cartons of eggs. The number of packages sold at price p is given by
(a) Evaluate the elasticity at 4.
(b) Should the price be raised in order to increase revenue? Enter 1 for
Yes
or 2 for
No
.
(c) For what value of p, the demand is unitary.
(d) What is the maximum revenue?
You can earn partial credit on this problem.