(a) DEMAND RATE When the price of a certain commodity is p dollars per unit, customers demand x hundred units of the commodity, where x² + 3px + p² = 79. How fast is the demand x changing with respect to time when the price is $5 per unit and is decreasing at the rate of 30 cents per month? (b) MANUFACTURING At a certain factory, output Q is related to inputs u and v by the equation

(a) DEMAND RATE When the price of a certain commodity is p dollars per unit, customers demand x hundred units of the commodity, where x² + 3px + p² = 79. How fast is the demand x changing with respect to time when the price is $5 per unit and is decreasing at the rate of 30 cents per month? (b) MANUFACTURING At a certain factory, output Q is related to inputs u and v by the equation

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

A and b X = 10 Y = 19

x= chronological order of the second letter in your first name
y = is the last digit of your student number; example, 5 in 20xx-12345.
(a) DEMAND RATE When the price of a certain commodity is p dollars per unit,
customers demand x hundred units of the commodity, where
² + 3px + p² = 79.
How fast is the demand x changing with respect to time when the price is $5 per
unit and is decreasing at the rate of 30 cents per month?
(b) MANUFACTURING At a certain factory, output Q is related to inputs u and v by
the equation
2u + 30
Q = 3u? +
(u + v)²
If the current levels of input are u = 10 and v = 25, use calculus to estimate the
change in input v that should be made to offset a decrease of 0.7 unit in input u so
that output will be maintained at its current level.

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