Question

Solve the problem. In the given image

Answer 1

The marginal demand to estimate the change in demand when the price is increased by one dollar is -157.

Given, $D(p)=-4p^2+3p+8,$ where p represents the price of the item in dollars.

Currently, the price of the item is $20.

What is marginal demand?

In economics, marginal demand refers to the shift in demand for a product or service in reaction to a price adjustment. Normally, as the price of a good or service rises, demand decreases, and vice versa, as the price of a good or service decreases, demand increases.

We have to use the marginal demand to estimate the change in demand when the price is increased by one dollar.

The rate of change of demand with respect to price is obtained by differentiating D with respect to p in $D(p)=-4p^2+3p+8$.

That is, dD/dp = -8p+3

Given, p = $20

dD/dp = -8×20+3=-157

Therefore, the marginal demand to estimate the change in demand when the price is increased by one dollar is -157.

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