Homework Help: Math

Posted by Jules on Friday, April 29, 2011 at 8:03pm.

Could someone work this question out so I understand it. Thanks

The marginal price dp/dx at x units of demand per week is proportional to the price p. There is no weekly demand at a price of $100 per unit [p(0)=100], and there is a weekly demand of 8 units at the price of $60.83 per unit [p(8)=60.83].

A)find the price demand equation. Give an exact answer in simplified form. Round all decimal values to the nearest hundreth.

B)At a demand of 25 units per week, what is the price? Round to the nearest cent. p(25) =

Math - bobpursley, Friday, April 29, 2011 at 8:37pm
dp/dx = kp

points on p(X): (0,100) ; (8;60.83)

dp/dx= kp

dp/p= kdx

ln(p)=kx + c

ln(100)=k(0) + c
4.6=c
ln(60.83)=8k + 4.6
k= -0.0614

ln(p)=-.0614*25+4.6
ln p= 3.063
p= 21.39 at x=25

check my thinking.

Answer this Question

Related Questions

Math - Could someone work this question out so I understand it. Thanks The ...
Math - Could someone work this question out so I understand it. Thanks The ...
Math - Could someone answer this question so I understand it. Thanks The ...
calc - A new software company wants to start selling DVDs with their product. ...
math - A new software company wants to start selling DVDs with their product. ...
math - A new software company wants to start selling DVDs with their product. ...
math - A new software company wants to start selling DVDs with their product. ...
calculus - (1 pt) A new software company wants to start selling DVDs with their ...
calculus - (1 pt) A new software company wants to start selling DVDs with their ...
maths - 1,The sum of $3000 is placed in the savings account. If money worth 6% ...

For Further Reading

First Name:
School Subject:
Answer: