Purchase Solution

# Demand Function, Cost Function

Not what you're looking for?

1. When x=500 units, is the demand elastic, inelastic, or unit elastic? The demand function is P(x) = 100-x/400 in dollars

2. The cost function to produce x items is given by: C(x)=1/9x^2 - 2x + 100 in dollars. Determine the production level of x that will minimize the average cost for this product. What is the average cost at this production level? What is the cost at this production level?

##### Solution Summary

Answers questions on Demand Function, Cost Function.

##### Solution Preview

1. When x=500 units, is the demand elastic, inelastic, or unit elastic? The demand function is P(x) = 100-x/400 in dollars

P(x) = 100-x/400 in dollars
Therefore
when x= 500
P(500)= 98.75 =100-500/400

P(x) = 100-x/400 in dollars
Therefore
delta P / delta x = - 1/400= ...

##### Free BrainMass Quizzes

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

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.

##### Probability Quiz

Some questions on probability

##### Exponential Expressions

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

##### Geometry - Real Life Application Problems

Understanding of how geometry applies to in real-world contexts