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Suppose that p is the price in dollars and q is quantity with demand for a product given by q = 250e^−.02p(a) Find the quantity demanded when the price is $20.(b) Find q 1(20) and interpret your result using correct units

Question

Suppose that p is the price in dollars and q is quantity with demand for a product given by q = 250e^−.02p
(a) Find the quantity demanded when the price is $20.

(b) Find q 1(20) and interpret your result using correct units

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Step 1

Consider the equation for the quantity demanded for price p

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Step 2

a) Substitute 20 for p in the equation for quantity demanded.

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Step 3

Thus, the quantity demanded wh...

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Tagged in

Math

Calculus

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