For Problems 138, find the derivative. Assume a, b, c, k are constants. y = 3x
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Textbook Solutions for Applied Calculus
Question
The demand curve for a product is given by q = 3003p, where p is the price of the product and q is the quantity that consumers buy at this price. (a) Write the revenue as a function, R(p), of price. (b) Find R(10) and interpret your answer in terms of revenue. (c) For what prices is R(p) positive? For what prices is it negative?
Solution
The first step in solving 3.1 problem number 61 trying to solve the problem we have to refer to the textbook question: The demand curve for a product is given by q = 3003p, where p is the price of the product and q is the quantity that consumers buy at this price. (a) Write the revenue as a function, R(p), of price. (b) Find R(10) and interpret your answer in terms of revenue. (c) For what prices is R(p) positive? For what prices is it negative?
From the textbook chapter DERIVATIVE FORMULAS FOR POWERS AND POLYNOMIALS you will find a few key concepts needed to solve this.
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