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Price–demand equation. According to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing to buy per week from a retail chain at a price of $p is given by
Figure for 95 and 96
- (A) Find dx/dp.
- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $40. Write a brief interpretation of these results.
- (C) Use the results from part (B) to estimate the demand if the price is increased to $41.
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Calculus for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
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