Explanation Given: A cell phone that is offered at a price of P dollars per month attracts C customers, where C ( P ) is a linear demand function for $ 100 ≤ P ≤ $ 500 and C ( 100 ) = 1 , 000 , 000 , C ( 500 ) = 100 , 000 . Concept Used: Demand function : - it is the mathematical expression of the relationship between the quantity of services or goods that is demanded and changes in a number of economic factors, such as its own price. The quantity demanded is the dependent variable the other factors and independent variables the other factors and independent variables. In equation form: Q d = a − b P Where Q d = quantity demanded a = intercept of the equation b = slope of the function Here, intercept − gives the quantity demanded when price is zero Slope − gives the unit change in quantity demanded for every unit change in price: b = Δ Q d Δ P Calculation: As per the given problem C ( 100 ) = 1 , 000 , 000 Where, Q d 1 = 1 , 000 , 000 , P 1 = 100 C ( 500 ) = 100 , 000 Where, Q d 2 = 1 , 00 , 000 , P 1 = 500 So, by the demand function: To determine (b) Find the slope of the graph of C ( P ) . To determine (c) To find the decrease in the number of customers for each increase of $ 100 in the price.

4th Edition

ISBN: 9781319309671

Author: Rogawski

Publisher: MAC HIGHER

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Question

Chapter 1, Problem 29CRE

To determine

(a)

Find the demand function C(P).

To determine

(b)

Find the slope of the graph of C(P).

To determine

(c)

To find the decrease in the number of customers for each increase of $100 in the price.

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Chapter 1, Problem 28CRE

Chapter 1, Problem 30CRE

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Chapter 1 Solutions

CALCULUS: EARLY TRANS 4TH ED W/ ACCESS

Ch. 1.1 - Prob. 1PQ Ch. 1.1 - Prob. 2PQ Ch. 1.1 - Prob. 3PQ Ch. 1.1 - Prob. 4PQ Ch. 1.1 - Prob. 5PQ Ch. 1.1 - Prob. 6PQ Ch. 1.1 - Prob. 7PQ Ch. 1.1 - Prob. 8PQ Ch. 1.1 - Prob. 9PQ Ch. 1.1 - Prob. 10PQ

Ch. 1.1 - Prob. 1E Ch. 1.1 - Prob. 2E Ch. 1.1 - Prob. 3E Ch. 1.1 - Prob. 4E Ch. 1.1 - Prob. 5E Ch. 1.1 - Prob. 6E Ch. 1.1 - Prob. 7E Ch. 1.1 - Prob. 8E Ch. 1.1 - Prob. 9E Ch. 1.1 - Prob. 10E Ch. 1.1 - Prob. 11E Ch. 1.1 - Prob. 12E Ch. 1.1 - Prob. 13E Ch. 1.1 - Prob. 14E Ch. 1.1 - Prob. 15E Ch. 1.1 - Prob. 16E Ch. 1.1 - Prob. 17E Ch. 1.1 - Prob. 18E Ch. 1.1 - Prob. 19E Ch. 1.1 - Prob. 20E Ch. 1.1 - Prob. 21E Ch. 1.1 - Prob. 22E Ch. 1.1 - Prob. 23E Ch. 1.1 - Prob. 24E Ch. 1.1 - Prob. 25E Ch. 1.1 - Prob. 26E Ch. 1.1 - Prob. 27E Ch. 1.1 - Prob. 28E Ch. 1.1 - Prob. 29E Ch. 1.1 - Prob. 30E Ch. 1.1 - Prob. 31E Ch. 1.1 - Prob. 32E Ch. 1.1 - Prob. 33E Ch. 1.1 - Prob. 34E Ch. 1.1 - Prob. 35E Ch. 1.1 - Prob. 36E Ch. 1.1 - Prob. 37E Ch. 1.1 - Prob. 38E Ch. 1.1 - Prob. 39E Ch. 1.1 - Prob. 40E Ch. 1.1 - Prob. 41E Ch. 1.1 - Prob. 42E Ch. 1.1 - Prob. 43E Ch. 1.1 - Prob. 44E Ch. 1.1 - Prob. 45E Ch. 1.1 - Prob. 46E Ch. 1.1 - Prob. 47E Ch. 1.1 - Prob. 48E Ch. 1.1 - Prob. 49E Ch. 1.1 - Prob. 50E Ch. 1.1 - 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(a) Find the demand function C ( P ) .

Solution Summary: The author explains the demand function, which is the mathematical expression of the relationship between the quantity of services or goods demanded and changes in a number of economic factors, such as its own price.

Concept explainers

Videos

(a)

Find the demand function C(P).

(b)

Find the slope of the graph of C(P).

(c)

To find the decrease in the number of customers for each increase of $100 in the price.

Want to see the full answer?

Chapter 1 Solutions

(a) Find the demand function C ( P ) .

Solution Summary: The author explains the demand function, which is the mathematical expression of the relationship between the quantity of services or goods demanded and changes in a number of economic factors, such as its own price.

Concept explainers

Videos

(a) Find the demand function C(P).

(b) Find the slope of the graph of C(P).

(c) To find the decrease in the number of customers for each increase of $100 in the price.

Want to see the full answer?

Chapter 1 Solutions

(a)

Find the demand function C(P).

(b)

Find the slope of the graph of C(P).

(c)

To find the decrease in the number of customers for each increase of $100 in the price.