A company that produces widgets has found its demand function to be q = -1,500p + 90,000.
a. For each dollar increase in the wholesale price, how many fewer widgets are demanded?
b. How many widgets would be demanded at a price of $20?
c. How many widgets would be demanded at a price of $21? d. What is the difference in quantity demanded caused by the $1 increase in wholesale price?
e. The company sets a price of $22.50. How many widgets will be demanded?
f. How much will all of the widgets cost the store to purchase at a price of $22.50?
g. If the store marks up the widgets that cost $22.50 at a rate of 50%, what is the retail price of each widget?