Consider the supply equation where x is the quantity supplied in units of a thousand and p is the unit price in dollars.

Question

p=x^3+x+10

Determine the price at which the supplier will make 2,500 units of the commodity available in the market. (Give your answer correct to the nearest cent.)

$ ?

Answer 1

P = (2.5)^3 + 2.5 + 10 = $28.13.