Posted by Jules on .
Could someone answer this question so I understand it. Thanks
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.
Is 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(e1.16 -5
double check all that