Question
The yearly demand function for Penn State Bakery cookie trays is given by x 2 + 4 p 2 + 3 x + 16 p
The yearly demand function for Penn State Bakery cookie trays is given by x2 + 4p2 + 3x + 16p = 178 where p is the wholesale unit price in dollars and x is the quantity demanded each year, measured in units of a thousand. (a) Compute the price, p, when x = 10. Price, p =
dollars (b) Use implicit differentiation to compute the rate of change of demand with respect to price, p, when x = 10. Do not round your answer. Rate of change of demand, x' =
thousands of units per dollar (c) Compute the elasticity of demand when x = 10. Do not round your answer. Elasticity of Demand =
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