Demand 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 1,000 a retail chain at a price of $p is given by x=0.3p+1' 10≤p≤70. Answer parts (A), (B), and (C). 500- Q 250- x= 1,000 0.3p+1 0 40 Price (dollars) 80 Ly

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter2: Equations And Inequalities
Section2.5: Other Types Of Equations
Problem 61E
Question

A. The instantaneous rate of change of demand with respect to price is _____when the price is ​$30?

B. Estimate the demand if the price is increased to $31

 

 

 

Demand
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
1,000
a retail chain at a price of $p is given by x=0.3p+1' 10≤p≤70.
Answer parts (A), (B), and (C).
500-
Q
250-
x=
1,000
0.3p+1
0
40
Price (dollars)
80
Ly
Transcribed Image Text:Demand 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 1,000 a retail chain at a price of $p is given by x=0.3p+1' 10≤p≤70. Answer parts (A), (B), and (C). 500- Q 250- x= 1,000 0.3p+1 0 40 Price (dollars) 80 Ly
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