An economist is interested in how the price of a certain item affects its sales. At a price of $p, a quantity, q, of the item is
sold. If q = f(p), explain the meaning of each of the following statements:_____ (a) f(150) = 2000 (b) f'(150) = -25
1 answer:
Answer:
At a price of $p, a quantity, q, of the item is sold.
If q = f(p)
(a) f(150) = 2000 means at price = 150$, the number of items sold is 2000
(b) f'(150) = -25 means rate of sale is negative or the number of items sold will be decreases in future
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