unit price and q is the number of units supplied. Determine how many units will be supplied at a unit price of $54.80? b. If the demand function for a commodity is p = 700/ ln (q + 1), where p is the unit price and q is the number of units demanded. Determine how many units will be demanded at a unit price o

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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a. If the supply of a commodity is given by p = 35 + 4 ln (2q + 1), where p is the unit price and q is the number of units supplied. Determine how many units will be supplied at a unit price of $54.80?

b. If the demand function for a commodity is p = 700/ ln (q + 1), where p is the unit price and q is the number of units demanded. Determine how many units will be demanded at a unit price of $159.29?

c. If you give your god child a gift $3000 towards a university education. How much will the $3000 be worth in 17 years if it was invested by the child’s mother at 10% compounded continuously?

Expert Solution
Step 1: Remember :

As per the guidelines I am answering only one question at a time.

To determine how many units will be supplied at a unit price of $54.80, you need to solve the equation for q in the given supply function:

p space equals space 35 space plus space 4 space ln left parenthesis 2 q space plus space 1 right parenthesis

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