Explanation Given: A cell phone that is offered at a price of P dollars per month attracts C customers, where C ( P ) is a linear demand function for $ 2 ≤ P ≤ $ 100 . Concept Used: Demand function : - it is the mathematical expression of the relationship between the quantity of services or goods that is demanded and changes in a number of economic factors, such as its own price. The quantity demanded is the dependent variable the other factors and independent variables the other factors and independent variables. In equation form: Q d = a − b P Where Q d = quantity demanded a = intercept of the equation b = slope of the function Here, intercept − gives the quantity demanded when price is zero Slope − gives the unit change in quantity demanded for every unit change in price: b = Δ Q d Δ P Calculation: As per the given problem C ( 2 ) = 10000 Where, Q d 1 = 10000 , P 1 = 2 C ( 100 ) = 1000 Where, Q d 2 = 1000 , P 1 = 100 So, by the demand function: To determine (b) The slope of the graph of C ( P ) .

4th Edition

ISBN: 9781319050740

Author: Jon Rogawski, Colin Adams, Robert Franzosa

Publisher: W. H. Freeman

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Question

Chapter 1, Problem 30CRE

To determine

(a)

Find the demand function C(P).

To determine

(b)

The slope of the graph of C(P).

Expert Solution & Answer

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Chapter 1, Problem 29CRE

Chapter 1, Problem 31CRE

Chapter 1 Solutions

Calculus: Early Transcendentals

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(a) Find the demand function C ( P ) .

Solution Summary: The author explains that demand function is the mathematical expression of the relationship between the quantity of services or goods that is demanded and changes in a number of economic factors, such as its own price.

Concept explainers

Videos

(a)

Find the demand function C(P).

(b)

The slope of the graph of C(P).

Want to see the full answer?

Chapter 1 Solutions

(a) Find the demand function C ( P ) .

Solution Summary: The author explains that demand function is the mathematical expression of the relationship between the quantity of services or goods that is demanded and changes in a number of economic factors, such as its own price.

Concept explainers

Videos

(a) Find the demand function C(P).

(b) The slope of the graph of C(P).

Want to see the full answer?

Chapter 1 Solutions

(a)

Find the demand function C(P).

(b)

The slope of the graph of C(P).