Math

The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=800/p barrels, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the decrease in demand if p rises to 56 and the increase in demand if p is decreased to 54.

The demand D(55) = .

The decrease in demand = barrels.

The increase in demand = barrels

  1. 👍 0
  2. 👎 0
  3. 👁 588

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    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

  2. social studies

    How does opportunity cost affect people's wants and needs? A. It changes the supply and demand of goods. B. It requires them to make a choice. C. It requires them to be producers and consumers. D. Opportunity cost does not impact

  3. Macroeconomics

    Suppose the Fed wishes to use monetary policy to close an expansionary gap. a. Should the Fed increase or decrease the money supply? b. If the Fed uses open-market operations, should it buy or sell government securities? c.

  4. Calculus

    The consumer demand equation for tissues is given by q = (97 − p)2, where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $26.

  1. managerial

    The demand curve for haircuts at Terry Bernard's Hair Design is P=20-0.20Q where Q is the number of cuts per week and P is the price of a haircut. Terry is condering raising her price above the current price of $15. Terry is

  2. Math - Limits/Derivatives

    If a price-demand equation is solved for p, then price is expressed as p = g(x) and x becomes the independent variable. In this case, it can be shown that the elasticity of demand is given by E(x) = - [g(x) / xg'(x)]. Use the

  3. economics

    suppose the demand curve for a product is given by Q=10-2P+Ps1,where P is the price of the product and Ps is the price of a substitute good. the price of the substitute good is $2.00. a)suppose P=$1.00, what is the price

  4. calc

    A new software company wants to start selling DVDs with their product. The manager notices that when the price for a DVD is 16 dollars, the company sells 134 units per week. When the price is 27 dollars, the number of DVDs sold

  1. Math

    The demand equation for a product is: q=60/p + ln(65-p^3) A) Determine the point of elasticity of demand when p=4, and classify the demand as elastic, inelastic, or of unit elasticity at this price level. B) If the price is

  2. Economic

    1.According to the law of demand, when the price of an item goes up, the quantity demanded a. stays at the same level. c. falls. b. rises. d. adjusts 2. According to the law of supply, higher prices prompt producers to a. increase

  3. Microeconomics

    Pharmaceutical drugs have an inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was).

  4. economics

    Identify three goods each for which your demand is (a) elastic or (b) inelastic. What accounts for the differences in elasticity? Thank you for using the Jiskha Homework Help Forum. Let me help by explaining the difference between

You can view more similar questions or ask a new question.