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The yearly demand function for Penn State Bakery cookie trays is given by x² + 3p² + 5x + 6p = 195 where p is the wholesale unit price in dollars and x is the quantity demanded each year, measured in units of a thousand. (a) Compute the price, p, when x = 10. Price, p = dollars (b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 10. Do not round your answer. Rate of change of demand, x' = thousands of units per dollar (c) Compute the elasticity of demand when x = 10. Do not round your answer. Elasticity of Demand =

The yearly demand function for Penn State Bakery cookie trays is given by x² + 3p² + 5x + 6p = 195 where p is the wholesale unit price in dollars and x is the quantity demanded each year, measured in units of a thousand. (a) Compute the price, p, when x = 10. Price, p = dollars (b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 10. Do not round your answer. Rate of change of demand, x' = thousands of units per dollar (c) Compute the elasticity of demand when x = 10. Do not round your answer. Elasticity of Demand =

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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The yearly demand function for Penn State Bakery cookie trays is given by x² + 3p² + 5x + 6p = 195 where p is the wholesale unit price in dollars and x is the quantity demanded each year, measured in units of a thousand. (a) Compute the price, p, when x = 10. Price, p = (b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 10. Do not round your answer. Rate of change of demand, x' = thousands of units per dollar dollars (c) Compute the elasticity of demand when x = 10. Do not round your answer. Elasticity of Demand =
Transcribed Image Text:The yearly demand function for Penn State Bakery cookie trays is given by x² + 3p² + 5x + 6p = 195 where p is the wholesale unit price in dollars and x is the quantity demanded each year, measured in units of a thousand. (a) Compute the price, p, when x = 10. Price, p = (b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 10. Do not round your answer. Rate of change of demand, x' = thousands of units per dollar dollars (c) Compute the elasticity of demand when x = 10. Do not round your answer. Elasticity of Demand =
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