Price of a Commodity The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by p= 45 - 6e -2t (a) What is the price of the commodity (in dollar/unit) at t = 0 $ /unit (b) How fast is the price of the commodity changing (in dollar/unit/week) at t = 0? $ /unit/week (c) Find the equilibrium price of the commodity (in dollar/unit). (Hint: It is given by lim p.) t-co $ /unit - 3e-t/3

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Price of a Commodity The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by p = 45-6e-2t - 3e-t/3.
(a) What is the price of the commodity (in dollar/unit) at t = 0
$
/unit
(b) How fast is the price of the commodity changing (in dollar/unit/week) at t = 0?
$
/unit/week
(c) Find the equilibrium price of the commodity (in dollar/unit). (Hint: It is given by lim p.)
t → co
$
/unit
Transcribed Image Text:Price of a Commodity The price of a certain commodity in dollars per unit at time t (measured in weeks) is given by p = 45-6e-2t - 3e-t/3. (a) What is the price of the commodity (in dollar/unit) at t = 0 $ /unit (b) How fast is the price of the commodity changing (in dollar/unit/week) at t = 0? $ /unit/week (c) Find the equilibrium price of the commodity (in dollar/unit). (Hint: It is given by lim p.) t → co $ /unit
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