[C.3] Elasticity
In this lesson, you will learn how to find the optimum price and maximum revenue for a situation using numerical derivatives, tables, and graphs on a TI graphing calculator. The instructor demonstrates how to input the elasticity formula into the calculator and how to evaluate the elasticity at any given price. The lesson covers how to use a table or graph to find the optimal price, and how to find the revenue by evaluating the demand function at the optimal price and multiplying it by the price. With this lesson, you can master the techniques for finding optimal prices and maximum revenue.
Learn about elasticity and how to find the optimum price and maximum revenue for a situation using numerical derivatives, tables, and graphs on a TI graphing calculator.
Check out www.themathdude.org for more videos.
- How can you find the maximum revenue for a Calculus price problem?
- How do you find elasticity in a TI graphing calculator?
- How can you use functions and the table on a TI graphing calculator to find the price for which a situation is elastic to maximize the revenue?
- How can you graph lines of functions and use the intersect function to find the price to maximize revenue in a situation on a TI graphing calculator?
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Staff Review
This lesson explains how to find elasticity in a TI graphing calculator. The steps involved in putting the necessary variables and performing computations in the calculator are shown for this involved word problem. Make sure you have an understanding of elasticity before learning how to find the values in the graphing calculator, though.
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