The weekly demand function is given byp+x+4xp = 68,where x is the number of thousands of units demanded weekly and p is in dollars. If the price pisdecreasing at a rate of 91 cents per week when the level of demand is 5000 units, which one ofthe following statements is true?Demand is decreasing at 1330 units per weekDemand is decreasing at 1470 units per weekDemand is increasing at 1470 units per weekO Demand is increasing at 1400 units per weekO Demand is decreasing at 1400 units per week

Answered: The weekly demand function is given by…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The weekly demand function is given by
p+x+4xp = 68,
where x is the number of thousands of units demanded weekly and p is in dollars. If the price pis
decreasing at a rate of 91 cents per week when the level of demand is 5000 units, which one of
the following statements is true?
Demand is decreasing at 1330 units per week
Demand is decreasing at 1470 units per week
Demand is increasing at 1470 units per week
O Demand is increasing at 1400 units per week
O Demand is decreasing at 1400 units per week

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The connection between price and quantity demand is also known as the demand curve. Demand for a particular item is a function of an item's perceived requirement, price, perceived quality, convenience, available options, purchasers' disposable income and tastes, and many other alternatives.

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