Suppose customers in a hardware store are willing to buy N(p) boxes of nails at p dollars

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Suppose customers in a hardware store are willing to buy N(p) boxes of nails at p dollars per box, as given by the following function.

N(p)=100-5p^2 ; 1 < p < 4

A) Find the average rate of change of demand for a change in price from $2 to $3.

B) Find the instantaneous rate of change of demand when the price is $2

C) Find the instantaneous rate of change of demand when the price is $3

Related Book For answer-question

Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

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Posted Date: Mar 14, 2019 10:11 AM

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Suppose customers in a hardware store are willing to buy N(p) boxes of nails at p dollars

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Expert Answer:

Consider Np 100 5p 2 A average rate of changr is W3 N2113 2 N3 N2 55 ... View the full answer

Microeconomics

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