Question
Suppose that the demand function for a good is
qD(p) = 8000/((p^2) + 1)
where q is the quantity and p is the price in dollars. If the price is decreased from 9 to 8.5, what is the approximate increase in the quantity sold?
qD(p) = 8000/((p^2) + 1)
where q is the quantity and p is the price in dollars. If the price is decreased from 9 to 8.5, what is the approximate increase in the quantity sold?
Answers
Reiny
qD(9) = 8000/(81+1) = appr 97.56
qD(8.5) = 8000(72.25+1) = appr 109.22
So, what do you think?
qD(8.5) = 8000(72.25+1) = appr 109.22
So, what do you think?