   Chapter 14.3, Problem 27E 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 27-30, the demand functions for q A and q B units of two related products, A and B, are given. Complete parts (a)-(e) for each problem. Assume that p A and p B are in dollars.(a) Find the marginal demand of q A with respect to p A (b) Find the marginal demand of q A with respect to p B (c) Find the marginal demand of q B with respect to p B (d) Find the marginal demand of q B with respect to p A (e) Are the two goods competitive or complementary? { q A = 400 − 3 p A − 2 p B q B = 250 − 5 p A − 6 p B

(a)

To determine

To calculate: The marginal demand of qA with respect to pA. The demand functions for qA and qB units of two related products, A and B, are given by qA=4003pA2pB and qB=2505pA6pB. Assume that pA and pB are in dollars.

Explanation

Given Information:

The demand functions for qA and qB units of two related products, A and B, are given by qA=4003pA2pB and qB=2505pA6pB.

Formula used:

For a demand function, of the form q=f(p1,p2), the marginal demand function is the partial derivative of the function q. Thus, the marginal demand of q with respect to the price p1 is given by qp1 and the marginal demand of q with respect to the price p2 is given by qp2.

For a function f(x,y), the partial derivative of f with respect to x is calculated by taking the derivative of f(x,y) with respect to x and keeping the other variable y constant. The partial derivative of f with respect to x is denoted by fx.

Power of x rule for a real number n is such that, if f(x)=xn then f(x)=nxn1.

Constant function rule for a constant c is such that, if f(x)=c then f(x)=0

(b)

To determine

To calculate: The marginal demand of qA with respect to pB. The demand functions for qA and qB units of two related products, A and B, are given by qA=4003pA2pB and qB=2505pA6pB. Assume that pA and pB are in dollars.

(c)

To determine

To calculate: The marginal demand of qB with respect to pB. The demand functions for qA and qB units of two related products, A and B, are given by qA=4003pA2pB and qB=2505pA6pB. Assume that pA and pB are in dollars.

(d)

To determine

To calculate: The marginal demand of qB with respect to pA. The demand functions for qA and qB units of two related products, A and B, are given by qA=4003pA2pB and qB=2505pA6pB. Assume that pA and pB are in dollars.

(e)

To determine

Whether the two goods, A and B, are competitive or complementary. The demand functions for qA and qB units of two related products, A and B, are given by qA=4003pA2pB and qB=2505pA6pB. Assume that pA and pB are in dollars.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Let f(x)={2x+1if1x0x2+2if0x2 Find (a) f(1), (b) f(0), and (c) f(32).

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Which vector at the right could be a gradient for f(x, y)? a b c d

Study Guide for Stewart's Multivariable Calculus, 8th

Using for |x| < 1,

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th 