I am given an equation, 2x^2-6xp+50p^2=21400 (p=dollars and x=items). The price is increasing at a rate of $2 per month when the price is $20. I am being asked to find the rate of change of demand with respect to time.
Rate of Change
The relation between two quantities which displays how much greater one quantity is than another is called ratio.
Slope
The change in the vertical distances is known as the rise and the change in the horizontal distances is known as the run. So, the rise divided by run is nothing but a slope value. It is calculated with simple algebraic equations as:
Need help in business calculus.
I am having trouble with this last part of the problem. I am given an equation, 2x^2-6xp+50p^2=21400 (p=dollars and x=items). The price is increasing at a rate of $2 per month when the price is $20. I am being asked to find the rate of change of demand with respect to time. I got as far as to getting dx/dy (x-50p)/(2x-3p) dp/dt but I'm not quite sure what to do after that. Please help, thank you!
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