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The demand x for a good is related to its price p via the function: p=3e-0.2x

The demand x for a good is related to its price p via the function: p=3e-0.2x

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
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How do we know that we have found a local maximum?

The demand x for a good is related to its price p via the function: p=32e-0 -0.2x
Transcribed Image Text:The demand x for a good is related to its price p via the function: p=32e-0 -0.2x
At the stationary point, At the stationary point, At the stationary point, At the stationary point, None of the above d² TR dx² d²TR dx² d² TR dx² d² TR dx² = .6e¹ <0 therefore local max -1 =-.5e =-.2e = -1 <0 therefore local max <0 therefore local max -.3e-1 <0 therefore local max
Transcribed Image Text:At the stationary point, At the stationary point, At the stationary point, At the stationary point, None of the above d² TR dx² d²TR dx² d² TR dx² d² TR dx² = .6e¹ <0 therefore local max -1 =-.5e =-.2e = -1 <0 therefore local max <0 therefore local max -.3e-1 <0 therefore local max
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