Question

In: Math

A price pp (in dollars) and demand xx for a product are related by 2x2+8xp+50p2=7400 If...

A price pp (in dollars) and demand xx for a product are related by

2x2+8xp+50p2=7400

If the price is increasing at a rate of 2 dollars per month when the price is 10 dollars, find the rate of change of the demand.

Rate of change of demand =

Expert Solution

---------(1)

Price p=10

Differentiating equation with respect to x

(x=20 ; p=10 dollars; dp/dt= 2 dollars/month)

Rate of change of the demand -14.5

milcah answered 2 years ago

A price p (in dollars) and demand x for a product are related by 2 x^2...

A price p (in dollars) and demand x for a product are related by 2 x^2 + 2 x p + 50 p^2 = 20600. If the price is increasing at a rate of 2 dollars per month when the price is 20 dollars, find the rate of change of the demand. Rate of change of demand

Price Elasticity of Demand. Discuss the price elasticity of demand. Is it directly related to the...

Price Elasticity of Demand. Discuss the price elasticity of demand. Is it directly related to the availability of suitable substitutes for a product? Please integrate the Bible passages in your discussion.

The price elasticity of demand for product A is 2.32. The price elasticity of demand for...

The price elasticity of demand for product A is 2.32. The price elasticity of demand for product Z is 0.12. This difference could be due to the fact that A. there are many good substitutes for product A and few substitutes for product Z. B. there are many good substitutes for product Z and few substitutes for product A. C. product A is a necessity and product Z is a luxury. D. product Z is a necessity and product A...

At a price of $2.25 per bushel, the supply of a certain grain is 7400 million...

At a price of $2.25 per bushel, the supply of a certain grain is 7400 million bushels and the demand is 7700 million bushels. At a price of $2.3 per bushel, the supply is 7800 million bushels and the demand is 7600 million bushels. (A) Find a price-supply equation of the form p=mx+sb, where p is the price in dollars and x is the supply in millions of bushels. (B) Find a price-demand equation of the form p=mx+b, where p...

The price elasticity of demand is a measure of how much the demand for a product...

The price elasticity of demand is a measure of how much the demand for a product is affected by a change in price. Review the following scenario and answer the questions that follow. Evelyn makes $15,000 per year and Tami makes $150,000 per year. They are both buying roast beef at the grocery store. Evelyn asks for $10 worth of roast beef, and Tami asks for 10 pounds of roast beef. What is each consumer’s price elasticity of demand? Identify...

8. The price p (in dollars) and the demand x for a particular wool sweater are...

8. The price p (in dollars) and the demand x for a particular wool sweater are related by the equation p = 100 − 0.025x a. Find the domain of this function. Show all work and clearly label the answer below. b. Find the revenue R (x) = x · p , from the sale of x wool sweaters and state the domain of the function R (x) . c. Find the marginal revenue at a production level of 1,600...

The demand for product X depends on the price of product X as well as the...

The demand for product X depends on the price of product X as well as the average household income (Y) according to the following relationship Qdx = 400 - 15 P + 0.001Y The supply of product X is positively related to own price of product X and negatively dependent upon W, the price of some input. This relationship is expressed as: Qsx = 190 + 30 P - 3 W Given that Y = 45,000 and W = 9,...

Question

A price pp (in dollars) and demand xx for a product are related by 2x2+8xp+50p2=7400 If...

Solutions

Expert Solution

Related Solutions