Download the App!

Get 24/7 study help with the Numerade app for iOS and Android! Enter your email for an invite.

Get the answer to your homework problem.

Try Numerade free for 7 days

Like

Report

The maximum possible demand for a certain commodity is 20,000 tons. The highest price for which there is any demand is $\$ 40$ per ton. If the demand equation is linear, find the demand function and the price function.

$x+500 p=20000$

Algebra

Chapter 1

Functions and their Applications

Section 6

Economic Functions

Functions

Campbell University

McMaster University

Harvey Mudd College

Lectures

01:43

In mathematics, a function is a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output. An example is the function that relates each real number x to its square x^2. The output of a function f corresponding to an input x is denoted by f(x).

03:18

04:16

commodity has a demand fun…

01:11

When the price of a certai…

01:17

The demand $x$ and the pri…

01:38

(a) Determine if the given…

03:13

The demand function for a …

04:01

01:24

Demand from marginal deman…

06:06

For the demand function gi…

Assume that the demand fun…

So we know we have this linear demand function. We know that the maximum possible demand is 20,000 tons and the highest price for which there is any demand Is 40 per ton. So we know that if it's 40%, then 500 would be the most um units for demand. So that's going to be um X Plus 500 times key Right to equal 20,000 like this tells us, is that the price is 40. Um If we brought over the X. For example, if the price is if the price is 40 then we know that X is going to be zero units because that's the maximum um there's no demand at that point. But if it's anything less, there will be demand in the term of X units.

View More Answers From This Book

Find Another Textbook

Numerade Educator

01:16

Solve each of the following equations for the real values of $x$.$$\frac…

01:49

Compute the indicated limit.$$\lim _{x \rightarrow \infty} \frac{3 x^{4}…

01:47

Use the appropriate rules to determine the derivative.$$w=32 v^{1 / 4}-\…

01:10

Suppose it has been determined that the demand (in thousands of dollars) for…

06:08

Determine any function which is discontinuous at $x=1$ and $x=5$ but which h…

Compute the indicated limit.$$\lim _{x \rightarrow-\infty} \frac{3 x^{5}…

Compute the indicated limit.$$\lim _{x \rightarrow \infty} \frac{(2 x-1)…

02:05

Find the indicated limit.$$\lim _{t \rightarrow 2} \frac{2 t^{2}+1}{3 t^…

01:19

Refer to Figures $8,9,$ and $10 .$ In each case, choose another point on the…

01:41

Use the appropriate rules to determine the derivative.$$f(x)=2 x^{7}-\fr…