The demand function for a certain product is determined by the fact that the product of the price and the quantity demanded equals 7000. The product currently sells for $3.20 per unit. Suppose manufacturing costs are increasing over time at a rate of 19% and the company plans to increase the price p at this rate as well. Find the rate of change of demand over time. Find the demand function represented in this problem where p is the price of the product and q is the quantity demanded for the product. (Type an equation.)
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We know that the product of the price (p) and the quantity demanded (q) equals 7000. So, we can write the demand function as: $$ pq = 7000 $$ Show more…
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