   Chapter 14.3, Problem 23E Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042

Solutions

Chapter
Section Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
ISBN: 9781305108042
Textbook Problem

In Problems 23-26, prices p 1 and p 2 are in dollars and q 1 and q 2 are numbers of units.The demand functions for two products are given by q 1 =   300   —   8 p 1 −   4 p 2 q 2 =   400   —   5 p 1 — 10 p 2 Find the demand for each of the products if the price of the first is p 1 =   $10 and the price of the second is p 2 =$8 .

To determine

To calculate: The demand for each of the products if the price of the first is p1=$10 and the price of the second is p2=$8. The demand functions for the two products are given by q1=3008p14p2 and q2=4005p110p2.

Explanation

Given Information:

The demand functions for the two products are given by q1=3008p14p2 and q2=4005p110p2. The price of the first product is p1=$10 and the price of the second product is p2=$8.

Calculation:

Consider the provided information,

The demand functions for the two products are given by q1=3008p14p2 and q2=4005p110p2.

Since, q1 and q2 are functions of the variables p1 and p2.

The provided functions are,

q1(p1,p2)=3008p14p2 ...... (1)

q2(p1,p2)=4005p110p2 ...... (2)

Consider the equation (1),

The price of the first product is p1=$10 and the price of the second product is p2=$8.

Thus, p1=10,p2=8.

Substitute 10 for p1 and 8 for p2 in q1(p1,p2)=3008p14p2

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