Question
Suppose customers in a hardware store are willing to buy N(p) boxes of nails at p dollars per box, as given by the following function.
Suppose customers in a hardware store are willing to buy N(p) boxes of nails at p dollars per box, as given by the following function.
N(p)=100-5p^2 ; 1 < p < 4
A) Find the average rate of change of demand for a change in price from $2 to $3.
B) Find the instantaneous rate of change of demand when the price is $2
C) Find the instantaneous rate of change of demand when the price is $3
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Consider Np 100 5p 2 A average rate of changr is W3 N2113 2 N3 N2 55 ...Get Instant Access to Expert-Tailored Solutions
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Get StartedRecommended Textbook for
Microeconomics
Authors: Douglas Bernheim, Michael Whinston
2nd edition
73375853, 978-0073375854
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