The demand function for an item is given by d(x) = 100/ 0.01x 2 + 1 (20 ≤ x ≤ 50) where d(x) (measured in units of a thousand) is the quantity demanded per weak and x is the unit price in dollars. (a) Find the rate of change in demand with respect to price. (b) How fast is the demand changing at price equal to 30 (x = 30)?
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The
d(x) = 100/ 0.01x 2 + 1
(20 ≤ x ≤ 50)
where d(x) (measured in units of a thousand) is the quantity demanded per weak and x is the unit price in dollars.
(a) Find the rate of change in demand with respect to price.
(b) How fast is the demand changing at price equal to 30 (x = 30)?
ELASTICITY of demand refers to the percentage change in quantity demanded due to percentage change in price .
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