The demand function for a certain brand of compact discs is given by p = -5x² 3x + 35 where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. (a) Compute the price, p, when x = 2. Price, p = dollars (b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 2. Do not round your answe Rate of change of demand, x' = thousands of units per dollar (c) Compute the elasticity of demand when x = 2. Do not round your answer. Elasticity of Demand =
The demand function for a certain brand of compact discs is given by p = -5x² 3x + 35 where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. (a) Compute the price, p, when x = 2. Price, p = dollars (b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 2. Do not round your answe Rate of change of demand, x' = thousands of units per dollar (c) Compute the elasticity of demand when x = 2. Do not round your answer. Elasticity of Demand =
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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
Transcribed Image Text:The demand function for a certain brand of compact discs is given by
p=-5x² 3x + 35
where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand.
(a) Compute the price, p, when x = 2.
Price, p=
dollars
(b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 2. Do not round your answer.
Rate of change of demand, x'
thousands of units per dollar
(c) Compute the elasticity of demand when x = 2. Do not round your answer.
Elasticity of Demand =
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