Question

The demand for q units of a product depends on the price p (in dollars) according...

The demand for q units of a product depends on the price p (in dollars) according to

q =

768
p

− 1,  for p > 0.

Find and explain the meaning of the instantaneous rate of change of demand with respect to price when the price is as follows.

(a)

$16

Interpret the instantaneous rate of change.

If price increases by the absolute value of this amount, the demand will drop by 1 unit. If price decreases by the absolute value of this amount, the demand will drop by 1 unit.     If price decreases by $1, the demand will drop by the absolute value of this number of units. If price increases by $1, the demand will increase by the absolute value of this number of units. If price increases by $1, the demand will drop by the absolute value of this number of units.

(b)

$64

Interpret the instantaneous rate of change.

If price increases by the absolute value of this amount, the demand will drop by 1 unit. If price decreases by the absolute value of this amount, the demand will drop by 1 unit.     If price decreases by $1, the demand will drop by the absolute value of this number of units. If price increases by $1, the demand will increase by the absolute value of this number of units. If price increases by $1, the demand will drop by the absolute value of this number of units.

Math   Calculus   
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