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30 December, 22:20

Demand The demand function for the product is given by

p = 5000 (1 - 4/4 + e^-0.002x)

where p is the price per unit (in dollars) and x is the number of units sold. Find the numbers of units sold for prices of (a) p = $200 and (b) p = $800.

p = 5000 (1 - 4/4 + e^-0.002x)

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Answers (1)
  1. 31 December, 01:23
    0
    (a) 1610 units

    (b) 915 units

    Step-by-step explanation:

    p = 5000 (1 - 4/4 + e^-0.002x)

    (a) p = $200

    200 = 5000 (1 - 1 + e^-0.002x)

    200/5000 = e^-0.002x

    e^-0.002x = 0.04

    -0.002x = In 0.04 = - 3.22

    x = - 3.22/-0.002 = 1610 units

    (b) p = $800

    800 = 5000 (1 - 4/4 + e^-0.002x)

    800/5000 = e^-0.002x

    e^-0.002x = 0.16

    -0.002x = In 0.16 = - 1.83

    x = - 1.83/-0.002 = 915 units
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