A1). The price, p, that a bookstore charges for a special gift edition of a popular trilogy is related to the demand, q, by the equation 100pq + q? = 5,000,000. Suppose the price is currently set at $40. (a). At what rate is the demand currently changing with respect to this price? (Include units) (b). At what rate is the revenue currently changing with respect to this price? (Hint: use the chain rule). (Include units). (c). Suppose the demand is currently increasing at a rate of 50 copies per month. How fast is the price currently changing per month? (again, assume the price is currently $40).Include units.

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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A1). The price, p, that a bookstore charges for a special gift edition of a popular trilogy is related to the demand, q,
by the equation 100pq + q? = 5,000,000. Suppose the price is currently set at $40.
(a). At what rate is the demand currently changing with respect to this price? (Include units)
(b). At what rate is the revenue currently changing with respect to this price? (Hint: use the chain rule). (Include
units).
(c). Suppose the demand is currently increasing at a rate of 50 copies per month. How fast is the price currently
changing per month? (again, assume the price is currently $40).Include units.
Transcribed Image Text:A1). The price, p, that a bookstore charges for a special gift edition of a popular trilogy is related to the demand, q, by the equation 100pq + q? = 5,000,000. Suppose the price is currently set at $40. (a). At what rate is the demand currently changing with respect to this price? (Include units) (b). At what rate is the revenue currently changing with respect to this price? (Hint: use the chain rule). (Include units). (c). Suppose the demand is currently increasing at a rate of 50 copies per month. How fast is the price currently changing per month? (again, assume the price is currently $40).Include units.
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