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According to economic theory, the demand x for a quantity in a free market decreases as the price p increases. Suppose that the number x
According to economic theory, the demand x for a quantity in a free market decreases as the price p increases. Suppose that the number x of DVD players people are willing to buy per week from a retail chain at a price of $p is given by
xpp
a Find dxdp
b Find the demand and the instantaneous rate of change of demand with respect to price when the
price is $ Write a brief interpretation of these results.
c Use the results from part b to estimate the demand if the price is increased to $
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