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January 25, 2015

January 25, 2015

Posted by **Jules** on Saturday, April 23, 2011 at 2:42pm.

Given the supply function:

p = S(x) = 5(e^0.02x-1)

Find the average price (in dollars) over the interval [31,36].

Only the 0.02 is ^ in the e in the question.

- economics -
**bobpursley**, Saturday, April 23, 2011 at 2:59pmIs this math, or Economics?

Normally, Supply is related to price, so your x would be price.

Normally, to find the average, you find the area under a curve, and divide by the range.

averageprice= 1/range *INT S(x) dx over range

= 1/5 * INT 5(e^.02x-1)

AT this point, I wonder about your statement that x is not in the exponent, I am figuring you are mistaken in that.

= INT (e^{.02x}dx-INT dx

= 1/.02 e^^{.02x}-x

now ovcr the range

50 e^{.72}-50e^{.62}-5

= 50(e^{1.16}-5

=154.7

double check all that

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