The demand function for a firm's product is given by q = 18(3p, 2p)¹/3, where • q = monthly demand (measured in 1000s of units) • Ps= average price of a substitute for the firm's product (measured in dollars) • p = price of the firm's good (measured in dollars). θα (a) [Select] др р=2 P8=4 Əq (b) app-2 Ps=4 (c) n₁/p| p=2 Ps=4 [Select] [Select]
The demand function for a firm's product is given by q = 18(3p, 2p)¹/3, where • q = monthly demand (measured in 1000s of units) • Ps= average price of a substitute for the firm's product (measured in dollars) • p = price of the firm's good (measured in dollars). θα (a) [Select] др р=2 P8=4 Əq (b) app-2 Ps=4 (c) n₁/p| p=2 Ps=4 [Select] [Select]
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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Selections for (a): a) -2.5 b) -3 c) -1.5
Selections for (b): a) 3.2 b) 5.3 c) 4.5
Selections for (c): a) -1/3 b) -5/6 c) -1/6
![**Demand Function for a Firm's Product**
The demand function for a firm's product is given by \( q = 18(3p_s - 2p)^{1/3} \), where:
- \( q \) = monthly demand (measured in thousands of units)
- \( p_s \) = average price of a substitute for the firm's product (measured in dollars)
- \( p \) = price of the firm's good (measured in dollars).
### Calculations:
1. **Partial Derivative with respect to \( p \):**
\[ \left. \frac{\partial q}{\partial p} \right|_{p=2}^{p_s=4} \]
Drop-down menu provided for selecting the answer.
2. **Partial Derivative with respect to \( p_s \):**
\[ \left. \frac{\partial q}{\partial p_s} \right|_{p=2}^{p_s=4} \]
Drop-down menu provided for selecting the answer.
3. **Price Elasticity of Demand \( \eta_{q/p} \):**
\[ \eta_{q/p} \left|_{p=2}^{p_s=4} \right. \]
Drop-down menu provided for selecting the answer.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F03bb8038-6a00-49cd-8aea-6808bae4a834%2F09def8a1-da2c-4ee2-950b-142fb8b97d53%2Fblypex_processed.png&w=3840&q=75)
Transcribed Image Text:**Demand Function for a Firm's Product**
The demand function for a firm's product is given by \( q = 18(3p_s - 2p)^{1/3} \), where:
- \( q \) = monthly demand (measured in thousands of units)
- \( p_s \) = average price of a substitute for the firm's product (measured in dollars)
- \( p \) = price of the firm's good (measured in dollars).
### Calculations:
1. **Partial Derivative with respect to \( p \):**
\[ \left. \frac{\partial q}{\partial p} \right|_{p=2}^{p_s=4} \]
Drop-down menu provided for selecting the answer.
2. **Partial Derivative with respect to \( p_s \):**
\[ \left. \frac{\partial q}{\partial p_s} \right|_{p=2}^{p_s=4} \]
Drop-down menu provided for selecting the answer.
3. **Price Elasticity of Demand \( \eta_{q/p} \):**
\[ \eta_{q/p} \left|_{p=2}^{p_s=4} \right. \]
Drop-down menu provided for selecting the answer.
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