Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
An economist is interested in how the price of a certain item affects its sales. When the price of the item is $ p, the number of items sold will be q = f(p). (This is the idea of "demand") Suppose we found out that f(150) = 2,000 and that f'(150) = -25. (a) Sketch the information of two boldface statements in a quick picture/sketch: (b) Write out in words what the first statement f(150) = = 2,000 means in the context. (c) The fact that the derivative is negative reflects what natural phenomenon?

An economist is interested in how the price of a certain item affects its sales. When the price of the item is $ p, the number of items sold will be q = f(p). (This is the idea of "demand") Suppose we found out that f(150) = 2,000 and that f'(150) = -25. (a) Sketch the information of two boldface statements in a quick picture/sketch: (b) Write out in words what the first statement f(150) = = 2,000 means in the context. (c) The fact that the derivative is negative reflects what natural phenomenon?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question
An economist is interested in how the price of a certain item affects its sales. When the price of the item is $ p, the number of items sold will be q = f(p). (This is the idea of "demand") Suppose we found out that f(150) = 2,000 and that f'(150) = -25. (a) Sketch the information of two boldface statements in a quick picture/sketch: (b) Write out in words what the first statement f(150) = 2,000 means in the context. (c) The fact that the derivative is negative reflects what natural phenomenon? (d) Write out in words what the statement f'(150) = -25 means in the context. (Add in appropriate units!) (e) Use the information given to estimate f(151) and f(149.5). Show your work, and explain your rationale for proceeding as you did. A little picture would be ideal to explain your thinking.
Transcribed Image Text:An economist is interested in how the price of a certain item affects its sales. When the price of the item is $ p, the number of items sold will be q = f(p). (This is the idea of "demand") Suppose we found out that f(150) = 2,000 and that f'(150) = -25. (a) Sketch the information of two boldface statements in a quick picture/sketch: (b) Write out in words what the first statement f(150) = 2,000 means in the context. (c) The fact that the derivative is negative reflects what natural phenomenon? (d) Write out in words what the statement f'(150) = -25 means in the context. (Add in appropriate units!) (e) Use the information given to estimate f(151) and f(149.5). Show your work, and explain your rationale for proceeding as you did. A little picture would be ideal to explain your thinking.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS