Posted by Jules on Saturday, April 23, 2011 at 2:42pm.
Could someone answer this question so I understand it. Thanks
Given the supply function:
p = S(x) = 5(e^0.02x1)
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 2:59pm
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^.02x1)
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} dxINT 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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