Consumer demand for a product is a function of the price of the product P Q and
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Question:
Consumer demand for a product is a function of the price of the productPQand consumer incomem, according to the following function:
D(PQ,m)= -4(PQ)^0.5+ 10ln(m)
a. Evaluate the function atPQ=4, m=40,000
b. Derive an expression for the total differential of this function.
c. Evaluate the total differential you found in part b ifPQ=9, m=20000, dPQ=0.1, dm=0.4
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