Suppose that a cell phone plan that is offered at a price of P dollars per month
Question:
Suppose that a cell phone plan that is offered at a price of P dollars per month attracts C customers, where C(P) is a linear demand function for $100 ≤ P ≤ $500. Assume C(100) = 1,000,000 and C(500) = 100,000.
(a) Determine the demand function C(P).
(b) What is the slope of the graph of C(P)? Describe what the slope represents.
(c) What is the decrease in the number of customers for each increase of $100 in the price?
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a We first determine the slope of the line m 10000...View the full answer
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