Example 10.4-10.6 The demand function for a product is given by p=20,000( 1 - 3/ (3 + e^ -0.001x)) where p is the price per unit (in dollars) and x is the number of units sold. Find the numbers of units sold for prices of p = $1000 (How many units with p = $1000) (Round your answers to the nearest integer.) and p = $1500. (How many units with p = $1500) (Round your answers to the nearest integer.)
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
Example 10.4-10.6
The demand function for a product is given by
where p is the price per unit (in dollars) and x is the number of units sold. Find the numbers of units sold for prices of
and
(How many units with p = $1500)
(Round your answers to the nearest integer.)
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