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 x = 4 , 000 0.1 p + 1 10 ≤ p ≤ 70 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.
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 x = 4 , 000 0.1 p + 1 10 ≤ p ≤ 70 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.
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
x
=
4
,
000
0.1
p
+
1
10
≤
p
≤
70
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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