Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Demand Function for Sport: Watches The demand function for the Sicard sports watch is given by 55 d(x):2 (05x520) 0.01;: + 1 where x (measured

image text in transcribed
image text in transcribed
Demand Function for Sport: Watches The demand function for the Sicard sports watch is given by 55 d(x):2 (05x520) 0.01;: + 1 where x (measured in units of a thousand) is the quantity demanded per week and d(x) is the unit price in dollars. (a) Find d'{x). W) =: x (b) Find the following values in dollars per thousand watches. (Round your answers to two decimal pEaces.) d'(5) = $ '3: per thousand watches 1110) : 1; 3: per thousand watches d'(18) = $ per thousand watches Interpret the results. {Round your answers to two decimal pEaces.) When the demand for watches is 5,000, the unit price for the watches is decreasing by $ per thousand watches. When the demand for watches is 10,000, the unit price for the watches is decreasing by $ per thousand watches. When the demand for watches is 18,000, the unit price for the watches is decreasing by $ per thousand watches. Need Help? Wilchlt

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Visualization And Processing Of Higher Order Descriptors For Multi-Valued Data

Authors: Ingrid Hotz, Thomas Schultz

1st Edition

3319150901, 9783319150901

More Books

Students also viewed these Mathematics questions