Jacob Lawrence is an economist who models the demand for a particular commodity by the function where

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Jacob Lawrence is an economist who models the demand for a particular commodity by the function


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where q hundred units are sold when the price is p dollars per unit. He decides to use Simpson’s rule with n = 6 to estimate the consumers’ surplus for the commodity when 500 units (q0 = 5) are manufactured and sold. What result does Jacob obtain?

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Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

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