Purchase Solution

Product Demand

Not what you're looking for?

Ask Custom Question

Please solve the problems:

1. If p is price in dollars and q is quantity, demand for a product is given by q = 5000e^0.08p
a. What quantity is sold at a price of $10?
b. Find the derivative of demand with respect to price when the price is $10 and interpret your answer in terms of demand.

2. The demand for a product is given above. Find the revenue and the derivative of revenue with respect to price at a price of $10.

Purchase this Solution
Solution Summary

Product Demand is assessed.

Solution Preview

Please see the attached solution.

1. If p is price in dollars and q is quantity, demand for a product is given by q = 5000e^0.08p
a. What quantity is sold at a price of $10?

To find the quantity sold when the price we find

units sold (I have rounded down to nearest whole number as the exact solution comes out as a decimal and it does not make sense to sell a fraction of an item)

b. Find the ...

Purchase this Solution
Free BrainMass Quizzes
Graphs and Functions

This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.

Know Your Linear Equations

Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.

Solving quadratic inequalities

This quiz test you on how well you are familiar with solving quadratic inequalities.

Multiplying Complex Numbers

This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.

Exponential Expressions

In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.

View More Free Quizzes
Related BrainMass Solutions

  • Conditional Distribution

    Determine the conditional distribution of demand for Product 2 given that demand for Product 1 is 400.

  • Demand Assessment: New product Development

    200224 Assessing demand Imagine this...you were given the task of demonstrating to your President that there is enough demand for your new product to invest in the development of your product. What would you use to demonstrate potential demand?

  • Forecast demand of product vs a service

    87048 Forecast demand of product versus a service Compare and contrast the differences in forecasting demand for a product versus a service. Compare and contrast the differences in forecasting demand for a product versus a service.

  • Supply and demand

    What effect will each of the following have on the demand for product B? a. Product B becomes more fashionable. The demand for product B will increase as taste and preferences are in favor of B. b. The price of substitute product C falls.

  • What are the eight demand states possible in a market?

    E.g. demand of going on vacation in space Develop new product/service to satisfy the market demand after considering the overall market potential Declining Demand Decline in sales of product over a period of time.

  • Interpreting Elasticity Coefficients of Demand

    585585 Interpreting Elasticity Coefficients of Demand 6. You have the following information for your product a.

  • Calculating the Elasticity Values in the Given Case

    Estimate the demand function (representing the demand curve) of this product. e. Suppose the local government decides to raise the sales tax on product X, causing the price to rise by 10%.

  • income-elasticity of demand coefficient

    b) Calculate the cross-price elasticity of demand coefficient of a firm's product X, given that a 10% increase in the price of its close substitute, product Y, causes the quantity demand of product X to increase by 15%.

  • Discuss the Assumptions of the Consumer Demand Model

    How does each variable affect demand? From the model itself, the variables A (advertisement), T (transportation), and P (product quality) have positive effects on demand for the product.

View More Related Solutions